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Canada to earn $2 billion every year thanks to shipbuilding

Staff writer |
Canada plans to earn $2 billion every year in the next 30 years as a result of the government's National Shipbuilding Procurement Strategy, said Minister of Public Works and Government Services Diane Finley.

"We made the decision to build these ships right here at home and create more than 15,000 jobs across the country and infuse $2 billion in annual economic benefits to Canada over the next 30 years. Investments like the Halifax Shipyard Modernization Program will create jobs and long-term economic benefits in Nova Scotia and across the country," said Ms. Finley while announcing contract for modernizing the Royal Canadian Navy's Halifax-class frigates.

The announcement came at the same time with one from Irving Shipbuilding in Halifax, Nova Scotia, of a $287.6 million infrastructure investment to ensure its Halifax Shipyard is ready to undertake production when steel is scheduled to be cut for the Arctic-offshore patrol ships and the Canadian surface combatant vessels.

The Halifax Shipyard Modernization Program will boost Canadian gross domestic product, create about 1,700 full-time equivalent positions across Canada and generate $154.3 million worth of employment income in the country over the two-year period.

Canada has 12 Halifax-class frigates, which were commissioned between 1992 and 1995. The Halifax upgrades are expected to be completed in the 2017 timeframe.

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