How would the shipping contract in Vancouver & Halifax affect the Housing Market?

Irving Shipyard won the $25-billion contract to build the navy's next fleet of warships, a moment that meant secure jobs in a province of Nova Scotia where work can be hard to find.

The deal is the biggest chunk of a $33-billion federal shipbuilding program. Vancouver-based Seaspan Marine Corp. picked up $8 billion in contracts for non-combat ships. Another $2 billion for smaller vessels is to be allocated later to another shipyard yet to be chosen.

A study by the Conference Board of Canada said the combat ship contract would create 11,500 additional jobs in Nova Scotia during the peak of construction in 2020.

A second study by Jupia Consultants said the average personal income in the province would increase by $447 annually, helping residents buy an additional 750 new cars each year and 420 houses.

Both studies said spinoffs would be shared across the province, the region and the country.

 

 

 

 

Sylvia Kahlon

Sylvia Kahlon

REALTORĀ®
CENTURY 21 Coastal Realty Ltd.
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