Vancouver International Airport breaks ground on $9.1 billion in capital projects
Vancouver International Airport (YVR) has broken ground on a number of capital construction projects to enhance the airport experience and improve YVR's competitive position as a world-class connecting hub. The projects are part of YVR's multi-year expansion plans that will see the airport complete 75 major projects, totaling $9.1 billion over the next 20 years.
"We are experiencing record growth at YVR as we deliver on our mission to connect British Columbia proudly to the world and these ambitious expansion projects will further position YVR as a world-class connecting hub," said Craig Richmond, President & CEO, Vancouver Airport Authority. "As we build the airport of the future, our focus is to move people and goods efficiently, while continuing to delight people with a wide range of offerings, amenities and outstanding customer service."
Richmond was joined by British Columbia Premier John Horgan; Ken Hardie, Member of Parliament for Fleetwood-Port Kells; and Fiona Famulak, President of the Vancouver Regional Construction Association to celebrate the groundbreaking of YVR's construction projects. They include building one of the largest GeoExchange systems in Canada, significant terminal expansions, new parking options and improved vehicle rental facilities.
YVR is one of the fastest-growing airports in North America. It welcomed a record 24.2 million passengers in 2017 and is forecasting 32 million passengers by 2022. About 327,000 tonnes of cargo are expected to move through the airport by 2020. These newest construction projects will improve the speed with which people and goods move through YVR, and provide passengers with a wide range of compelling offerings and amenities.
"YVR connects people and businesses in B.C. with the world. From tech to tourism, wood products and natural resources, the expansion of this important hub will help B.C. strengthen ties with global partners, attract investment, and generate good jobs for people in B.C.," Horgan said.
YVR plays a significant role in the local, provincial and national economy—creating jobs and driving business activity. The airport supports 24,000 jobs on Sea Island and more than 100,000 jobs across British Columbia. YVR's operations—together with tourism and cargo—contribute more than $16 billion in total economic output, $8.4 billion in GDP and $1.4 billion in government revenue across British Columbia. Each new flight through YVR creates hundreds of jobs and contributes millions of dollars in economic benefit to the province.
The expansion projects will have significant economic and employment benefits in the region. By the end of 2018, construction activities at YVR will create nearly 2,500 full-time construction jobs on Sea Island and hundreds more off-site. Much of the work will be done in the province, offering a significant number of jobs for British Columbians.
"The Vancouver Regional Construction Association applauds YVR's vision and investment in its airport infrastructure as it will bring significant economic and employment benefits to both the construction industry and the province as a whole," said Fiona Famulak, President, Vancouver Regional Construction Association. "Our members have an excellent track record of delivering state-of-the-art construction projects at YVR, and we look forward to working in partnership with the airport authority to help it realize its vision to be a world-class sustainable airport hub."
YVR's multi-year expansion plans are made possible by YVR's unique, not-for-profit operating model. YVR receives no government funding and all profits generated at YVR are reinvested back into the airport for the benefit of its customers, partners and communities.