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Jobs and the Economy
This project, being built by Islanders, is one of the largest construction projects taking place in Atlantic Canada. A project of this size means more jobs and more business for Island companies, creating economic benefits for Island communities. The construction cost is $16 million. It will be shared equally by the provincial and federal governments under the Atlantic Gateway Agreement.
The project is fiscally responsible. Rebuilding the existing route would cost the province $9 million and it would not address any of the major safety issues such as access, steep hills and sharp curves.
This year's construction cost is $3 million, which is less than 10 per cent of this year's road improvement budget of $38.5 million. The remaining $5 million will come from next year's capital budget.
This project will benefit the Island economy by:
- Creating upwards of 200 jobs during the construction phase
- Creating more work for Island businesses
- Improving the province's ability to move goods like agricultural and seafood products to out-of-province markets
The TD Bank recently projected two per cent growth for the Island, noting the project as an economic driver. A recent study out of Alberta shows that for every dollar invested in highway improvements, there is a three-dollar savings in health care.
This information has been taken from website "Transportation and Infrastructure"