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Economic Overview
2016-2020 FINANCIAL PLAN
The outlook for the BC LNG
industry is uncertain as natural
gas prices have tumbled in
recent months to $8 per million
BTUs. Analysts have estimated
BC’s cost of production to be
$12 per million BTUs. One LNG
project recently received a
facility permit from the
provincial government and a
40-year export licence from the
National Energy Board.
However, a final investment
decision from this proponent
still remains outstanding.
Other projects are at various
stages in the process but still
face challenges such as financial
viability, environmental concerns, and unresolved issues with First Nations.
SURREY’S FINANCIAL PERFORMANCE
The robust regional real estate market in 2015 supported an overall strong development
environment in both the residential and commercial sectors within the City. Throughout
the year, the continued expansion of City Centre was evident, a strong example being
the intense sales activity surrounding public sales of condominium units in a residential
tower located just west of City Hall in the spring of 2015. In addition to this tower, two
new permits for high rises were submitted to the City.
Commercial and Industrial development activity was also relatively strong during the
year with significant applications submitted for the Campbell Heights and King George
corridor areas. Furthermore, active commercial projects including the large scale
redevelopment of the site adjacent to the King George SkyTrain station, that will include
the new home for Coast Capital Savings, were finalized.
The City also celebrated the public opening of Guildford Pool during the year. This world
class facility is a landmark recreational venue for the Guildford town centre, and will play
a critical role in attracting new young families to the area for many years to come. In
addition to the Guildford Pool, the City also opened its new Operations Centre in 2015;
this new facility is home to various City staff including: Engineering Operations, Parks
Operations and By-Law Enforcement.
‐0.5%
+0.0%
+0.5%
+1.0%
+1.5%
+2.0%
+2.5%
2012
Actual
2013
Actual
2014
Actual
2015
Forecast
2016
Forecast
Consumer Price Index 2012 ‐ 2016
Canada
USA
BC
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