Economic Impact Assessment describes $35 – $50 Million in annual impact for each of next 20 years
EDMONTON, AB – Northlands released the preliminary economic impact study detailing the potential GDP contributions and other benefits a fully realized Vision 2020 would have for the city and the province. Northlands also provided further public details on potential commercial and residential opportunities on the 160-acre campus.
The economic impact study, conducted by Edmonton firm NICHOLS Applied Management, reported an overall positive impact to the provincial GDP of between $680 million to just over $1 billion, with approximately one-third of that impact directed within Edmonton. The report also detailed that Vision 2020 would support:
- 3,100 – 4,000 full-time equivalent construction jobs across Alberta during the construction period;
- 750 long-term net permanent full-time equivalent jobs to operate the new amenities; and
- a 2-5 per cent increase in the value of homes in the surrounding neighborhoods.
“We’re looking at an average of $34 – $50 million in provincial economic impact every year for the next 20 years,” said Tim Reid, President & CEO of Northlands. “A large portion of that will be realized through local construction costs over the next four years – right when we need it most.”
Northlands also released further details on its website around services and amenities that will contribute to the guest experience under Vision 2020, specifically the potential commercial and residential opportunities the 160-acre campus could support (northlands.com/vision2020/).
“Since the Vision 2020 launch last month, we’ve had a lot of interest from possible retail, commercial, and hotel partners,” said Reid. “Food and drink, hotels and shopping are a significant part of providing an exceptional Northlands guest experience – these partners will put us in a position to do that.”
For more information:
NICHOLS APPLIED MANAGEMENT