Developing British Columbia’s liquefied natural gas industry would grow Canada’s economy by an average of $7.4 billion per year over the next 30 years, according to a Conference Board of Canada report released today. The increased economic activity would raise national employment by an annual average of 65,000 jobs.

The majority of the impacts would occur in British Columbia, with real GDP lifted by $5.3 billion and employment up by an annual average of more than 46,000 jobs, the report found.

The report, A Changing Tide: British Columbia’s Emerging Liquefied Natural Gas Industry, examines the potential economic and labor impacts of a 30 million tonnes per annum (MTPA) LNG industry in British Columbia. The report assumes three hypothetical projects would come into service between 2021 and 2025 and measures the impact over a 30-year period from 2016 to 2045.

“Although the current downturn in crude oil prices has cast a shadow over LNG markets, developing B.C.'s LNG industry would open up new markets for Canada’s natural gas and generate economic benefits and employment opportunities that would not otherwise exist,” said Len Coad, research director, public policy, at Conference Board of Canada.