Canada is facing a fiscal crunch and an economy struggling to notch up meaningful growth numbers.
Things are much worse in the resource-rich areas of the country, like Alberta, Saskatchewan, and Newfoundland and Labrador, where low oil prices have thrown thousands of people out of work, and decimated provincial treasuries.
The newly-elected Liberal government says it’s prepared for the troubles that lie ahead, and it’s moving forward with an ambitious plan to spend some $20 billion over the next two years on infrastructure projects across the country.
Canadian Infrastructure Minister Amarjeet Sohi says “As part of the election commitment we committed to invest an additional $20 billion over the next two years. $10 billion is new money under the three envelopes: public transit, green infrastructure and social infrastructure. Our goal is to get that money out into the community within the first two years.”
He continued, “Throughout the country there is money that has been allocated, but that hasn’t been spent [from the Conservative fund]. Our goal is to get the money out in the coming construction season, and the next construction season. Every $1 billion that is invested into infrastructure creates close to 18,000 jobs.”