Cement Industry Applauds Impact of Federal Budget, Underscores Importance of Planned and New Infrastructure
The Cement Association of Canada (CAC) has applauded the release of Budget 2015. Released on April 21, 2015 by the Honourable Joe Oliver, Minister of Finance, the Budget indicates that several billion dollars have successfully been invested in critical infrastructure projects across Canada. The CAC took the opportunity to highlight the critical importance of infrastructure investments in boosting the competitiveness and growth of the private sector, both of which it says are critical to the continued economic recovery and job creation, and applauds the federal government's continued action to encourage productivity-enhancing investments by providing an extended tax incentive until the end of 2025.
"It is clear to our members that the new Building Canada Plan has played a key role in assisting Canadian manufacturers recover from the recession and has allowed the construction of critical infrastructure in Canada," said CAC President and CEO Michael McSweeney. "It is equally clear to us that measures that improve Canadian competitiveness and promote private sector growth to lead us through this fragile recovery period are more imperative than ever. The creation of the Public Transit Fund is one such measure."
As part of an ongoing effort to reduce the infrastructure deficit that Canada faces, the government has committed significant long-term funding through the new Building Canada Plan to ensure that priority projects throughout Canada get built, and are built in a more sustainable way by promoting full life-cycle considerations in the design phase.
Mr. McSweeney added, "Although Canada has managed its economy better than many other countries during the global downturn, we cannot take continued growth for granted, as fluctuations in oil prices have shown us. Growth depends largely on investment and the competition for investment from multinational companies is fierce and intense. Achieving and sustaining a comparatively low tax rate is also essential to maintain any advantages we have gained on this front."
As Canadian infrastructure investments are planned and made, Canadians need to also understand that life cycle assessment and resiliency are key components of how we all must plan and design new construction. "As noted in Budget 2015, incenting the delivery of projects on time and on budget and to minimize costs over the full life cycle of an asset are critical considerations. This is vital to the construction and manufacturing sectors and Canada's efforts to drive sustainable investments in infrastructure" Mr. McSweeney concluded.