coldrsx
December 8th, 2005, 01:50 AM
Edmonton experiences rampant growth again in 2005
—12 major development stories key for city’s future
Greater Edmonton’s $41.6 billion regional economy posted another extraordinary year of growth in 2005.
With another bright economic forecast for Greater Edmonton in 2006 — 3.7 per cent GDP growth according to the Conference Board of Canada — plus a remarkable $85.7 billion in current or announced mega-projects within the Edmonton service area on the horizon, Alberta’s still-affordable capital is increasingly seen as one of the most desirable city-regions in North America for both workers andinvestors.
Here is a quick, random-order summary of 12 (of many) development stories that highlight another memorable year for Edmonton growth:
Edmonton’s private sector prospers
It was a very positive year for Edmonton’s thriving private sector, especially some of Edmonton’s marquee corporations who posted significant milestones:
Canadian Western Bank, which serves business and individual customers in the four western provinces, saw its market capitalization surpass $1 billion and reported its 69th consecutive profitable quarter.
Engineering and design firm Stantec continued to post record earnings and became listed on the New York Stock Exchange.
PCL, Canada’s largest construction contractor, was on track to earn $4 billion in earnings in 2005, shattering a previous company record. The employee-owned PCL group was also named one of the top-10 Canadian companies to work for by the Financial Post.
CN, the Canadian National Railway with its North American operations centre in Edmonton, celebrated its 10th anniversary as a private company and announced it will participate in a new container port at Prince Rupert, B.C., the western terminus of its Yellowhead/Skeena route.
Enbridge, which is planning to build a $4 billion pipeline along CN’s Yellowhead/Skeena line to export oil to Asia, announced that its terminus would be at Kitimat, B.C.
Computer maker Dell, which opened a customer call centre in Edmonton last year, began a 132,000-square-foot building in Edmonton Research Park. Dell also announced it would increase its Edmonton payroll by 250 people to reach 1,000 staff here by year-end.
Higher oil prices; more major projects
The prices of oil, natural gas and gasoline smashed all-time records this past summer. And investment plans for northern Alberta followed rising commodity prices to all-time highs. In November, Canadian Natural Resources said it would nearly triple its announced investment in the oil sands to $30 billion over 15 years, making it the largest construction project in Canadian history. Greater Edmonton also stands to benefit. As of October, there was a record $14.5 billion worth of construction projects announced or underway in Greater Edmonton.
Southbound LRT given green light
The growth of the city’s transportation system was clearly one of the top economic development stories for Greater Edmonton in 2005. Anthony Henday Drive pushed south with two new bridges across the North Saskatchewan River. The ring road is scheduled to link up with Gateway Boulevard next fall and Highway 14 to the east by October 2007. Final touches are being applied to the light rail transit extension from the underground University stationto the street-level Health Sciences station, which opens in January 2006. Meanwhile, two more projectshave been approved to extend the LRT southward to Century Park (formerly Heritage Mall) by 2009. High-speed public transit options also are being studied to the southeast, west-end, NAIT and the north.
Bay building sold to U of A
The University of Alberta is the new owner of the former Hudson’s Bay Co. department store on JasperAvenue. The purchase for $62 million was made possible by a deal between the university, the city, and the federal and provincial governments. The former Bay building will house the university’s research commercialization initiatives, including TEC Edmonton, a joint venture of the university and Edmonton Economic Development Corp. CITY-TV will continue to lease ground-floor studio space in the building.
U of A building boom accelerates
More than $1.7 billion worth of construction projects were announced or underway at the U of A campusin 2005. These include the Mazankowski Alberta Heart Institute, the Health Sciences Ambulatory Learning Centre (new university buildings dedicated to health research and interdisciplinary science), the National Institute for Nanotechnology and two new LRT stations, Health Sciences and South Campus.
2005 was the ‘Year of the Museum’
Alberta’s centennial was a banner year for museums in the capital city. The provincial museum, renamed the Royal Alberta Museum, announced a spectacular $180 million expansion program. The city art gallery, renamed the Art Gallery of Alberta, also announced a provocative $48 million renovation design by architect Randall Stout of Los Angeles. And the University of Alberta Museums received one of the largest philanthropic donations in Canadian history when Cecile and Sandy Mactaggart donated acollection of rare Asian art and textiles worth $37 million. Major investment in hospital infrastructure The Capital Health Authority received $647 million from the Alberta government in October to proceed with 10 construction projects in Greater Edmonton. These include a new hospital for Strathcona County, are placement hospital for Fort Saskatchewan and redevelopment of the Royal Alexandra, Grey Nuns, Misericordia and University hospitals in Edmonton.
Real estate still going strong
Greater Edmonton’s real estate markets continued to trend higher in 2005. In October, the average single-family house in the city sold for $225,887, up 8.7 per cent from a year earlier. There were 10,937 housing starts in Greater Edmonton through the first 10 months of the year, up 19.7 per cent from a year earlier. Markets were also robust for commercial, industrial and rural land in the region. Office vacancy rates continued to fall below 10 per cent for the first time in more than 20 years.
Northlands new site plan
In April, Northlands Park announced a 10-year, $150 million modernization plan for the exhibition grounds in northeast Edmonton. Plans include a new exhibition hall, upgrades to the AgriCom and a new Canadian Country Music Centre. These are the first major changes at Northlands Park since the AgriCom opened 22 years ago. As well, there have been hints of significant changes in the works for Edmonton’s Klondike Days Exposition.
Downtown residential growth
The housing boom in downtown Edmonton entered a new phase in 2005 as developers planned to build 12 to 14 new high-rise condominium buildings in the city core. These new projects are expected to add another 3,500 residents to the area. In the past decade, the population of the downtown core has more than doubled to 12,000 people.
Esks win and Oilers return
Despite the cancellation of the 2004-05 NHL season, the Edmonton Oilers have attracted some star players and sellout crowds for their current season. The Edmonton Eskimos won their 13th Grey Cup inone of the most thrilling CFL games in history. The U of A Golden Bears won the national championshipfinal played at Rexall Place. The Masters Games brought 21,600 athletes out to compete, making it thelargest sporting event in the city’s history. And Edmonton’s first Champ Car race in July was so successful that Edmonton’s contract for this international event was extended through 2010.
Brad and Angelina boost profile of Edmonton’s film industry
A major western motion picture, The Assassination of Jesse James starring Brad Pitt, was filmed in Fort Edmonton for 28 days this September. Pitt’s movie, and his celebrity wife Angelina Jolie, gave our local film industry an international profile and significant economic boost.
Media contact:
Kenn Bur, Director of Communications
Phone: (780) 917-7659
Toll-free: 1-800-661-6965
E-mail: kbur@edmonton.com
Web: www.edmonton.com/eedc
—12 major development stories key for city’s future
Greater Edmonton’s $41.6 billion regional economy posted another extraordinary year of growth in 2005.
With another bright economic forecast for Greater Edmonton in 2006 — 3.7 per cent GDP growth according to the Conference Board of Canada — plus a remarkable $85.7 billion in current or announced mega-projects within the Edmonton service area on the horizon, Alberta’s still-affordable capital is increasingly seen as one of the most desirable city-regions in North America for both workers andinvestors.
Here is a quick, random-order summary of 12 (of many) development stories that highlight another memorable year for Edmonton growth:
Edmonton’s private sector prospers
It was a very positive year for Edmonton’s thriving private sector, especially some of Edmonton’s marquee corporations who posted significant milestones:
Canadian Western Bank, which serves business and individual customers in the four western provinces, saw its market capitalization surpass $1 billion and reported its 69th consecutive profitable quarter.
Engineering and design firm Stantec continued to post record earnings and became listed on the New York Stock Exchange.
PCL, Canada’s largest construction contractor, was on track to earn $4 billion in earnings in 2005, shattering a previous company record. The employee-owned PCL group was also named one of the top-10 Canadian companies to work for by the Financial Post.
CN, the Canadian National Railway with its North American operations centre in Edmonton, celebrated its 10th anniversary as a private company and announced it will participate in a new container port at Prince Rupert, B.C., the western terminus of its Yellowhead/Skeena route.
Enbridge, which is planning to build a $4 billion pipeline along CN’s Yellowhead/Skeena line to export oil to Asia, announced that its terminus would be at Kitimat, B.C.
Computer maker Dell, which opened a customer call centre in Edmonton last year, began a 132,000-square-foot building in Edmonton Research Park. Dell also announced it would increase its Edmonton payroll by 250 people to reach 1,000 staff here by year-end.
Higher oil prices; more major projects
The prices of oil, natural gas and gasoline smashed all-time records this past summer. And investment plans for northern Alberta followed rising commodity prices to all-time highs. In November, Canadian Natural Resources said it would nearly triple its announced investment in the oil sands to $30 billion over 15 years, making it the largest construction project in Canadian history. Greater Edmonton also stands to benefit. As of October, there was a record $14.5 billion worth of construction projects announced or underway in Greater Edmonton.
Southbound LRT given green light
The growth of the city’s transportation system was clearly one of the top economic development stories for Greater Edmonton in 2005. Anthony Henday Drive pushed south with two new bridges across the North Saskatchewan River. The ring road is scheduled to link up with Gateway Boulevard next fall and Highway 14 to the east by October 2007. Final touches are being applied to the light rail transit extension from the underground University stationto the street-level Health Sciences station, which opens in January 2006. Meanwhile, two more projectshave been approved to extend the LRT southward to Century Park (formerly Heritage Mall) by 2009. High-speed public transit options also are being studied to the southeast, west-end, NAIT and the north.
Bay building sold to U of A
The University of Alberta is the new owner of the former Hudson’s Bay Co. department store on JasperAvenue. The purchase for $62 million was made possible by a deal between the university, the city, and the federal and provincial governments. The former Bay building will house the university’s research commercialization initiatives, including TEC Edmonton, a joint venture of the university and Edmonton Economic Development Corp. CITY-TV will continue to lease ground-floor studio space in the building.
U of A building boom accelerates
More than $1.7 billion worth of construction projects were announced or underway at the U of A campusin 2005. These include the Mazankowski Alberta Heart Institute, the Health Sciences Ambulatory Learning Centre (new university buildings dedicated to health research and interdisciplinary science), the National Institute for Nanotechnology and two new LRT stations, Health Sciences and South Campus.
2005 was the ‘Year of the Museum’
Alberta’s centennial was a banner year for museums in the capital city. The provincial museum, renamed the Royal Alberta Museum, announced a spectacular $180 million expansion program. The city art gallery, renamed the Art Gallery of Alberta, also announced a provocative $48 million renovation design by architect Randall Stout of Los Angeles. And the University of Alberta Museums received one of the largest philanthropic donations in Canadian history when Cecile and Sandy Mactaggart donated acollection of rare Asian art and textiles worth $37 million. Major investment in hospital infrastructure The Capital Health Authority received $647 million from the Alberta government in October to proceed with 10 construction projects in Greater Edmonton. These include a new hospital for Strathcona County, are placement hospital for Fort Saskatchewan and redevelopment of the Royal Alexandra, Grey Nuns, Misericordia and University hospitals in Edmonton.
Real estate still going strong
Greater Edmonton’s real estate markets continued to trend higher in 2005. In October, the average single-family house in the city sold for $225,887, up 8.7 per cent from a year earlier. There were 10,937 housing starts in Greater Edmonton through the first 10 months of the year, up 19.7 per cent from a year earlier. Markets were also robust for commercial, industrial and rural land in the region. Office vacancy rates continued to fall below 10 per cent for the first time in more than 20 years.
Northlands new site plan
In April, Northlands Park announced a 10-year, $150 million modernization plan for the exhibition grounds in northeast Edmonton. Plans include a new exhibition hall, upgrades to the AgriCom and a new Canadian Country Music Centre. These are the first major changes at Northlands Park since the AgriCom opened 22 years ago. As well, there have been hints of significant changes in the works for Edmonton’s Klondike Days Exposition.
Downtown residential growth
The housing boom in downtown Edmonton entered a new phase in 2005 as developers planned to build 12 to 14 new high-rise condominium buildings in the city core. These new projects are expected to add another 3,500 residents to the area. In the past decade, the population of the downtown core has more than doubled to 12,000 people.
Esks win and Oilers return
Despite the cancellation of the 2004-05 NHL season, the Edmonton Oilers have attracted some star players and sellout crowds for their current season. The Edmonton Eskimos won their 13th Grey Cup inone of the most thrilling CFL games in history. The U of A Golden Bears won the national championshipfinal played at Rexall Place. The Masters Games brought 21,600 athletes out to compete, making it thelargest sporting event in the city’s history. And Edmonton’s first Champ Car race in July was so successful that Edmonton’s contract for this international event was extended through 2010.
Brad and Angelina boost profile of Edmonton’s film industry
A major western motion picture, The Assassination of Jesse James starring Brad Pitt, was filmed in Fort Edmonton for 28 days this September. Pitt’s movie, and his celebrity wife Angelina Jolie, gave our local film industry an international profile and significant economic boost.
Media contact:
Kenn Bur, Director of Communications
Phone: (780) 917-7659
Toll-free: 1-800-661-6965
E-mail: kbur@edmonton.com
Web: www.edmonton.com/eedc