The Vancouver Airport Authority’s (VAA) $9.1 billion estimate for how much 75 major projects during the next 20 years will cost is $3.5 billion more than what the airport authority estimated in January 2017 – a 62.5% jump.
The new figure, released June 14, is said to account for inflation.
Politicians and association heads joined airport authority executives in staged photos for media, who were able to tour airport grounds at the June 14 event.
Airport authority executives have long said that expansion is necessary because Vancouver International Airport (YVR) is one of the fastest-growing airports in North America. The airport welcomed a record 24.2 million passengers in 2017, and executives forecast that YVR will handle 32 million passengers by 2022.
They also expect about 327,000 tonnes of cargo to move through the airport by 2020.
The airport’s main terminal is B.C.’s largest building and the airport authority intends multiple expansions to different parts of the building.
The new construction projects are intended to improve the speed with which people and goods move through YVR, while also offering passengers improved amenities.
“These ambitious expansion projects will further position YVR as a world-class connecting hub,” said VAA CEO Craig Richmond.
By the end of 2018, construction activities at YVR are expected to create nearly 2,500 full-time construction jobs on Sea Island, where the airport is located. Hundreds more jobs are expected to be created off-site, according to the VAA.
Premier John Horgan was at the airport alongside Fleetwood-Port Kells MP Ken Hardie, and Fiona Famulak, president of the Vancouver Regional Construction Association.
“YVR connects people and businesses in B.C. with the world,” said Horgan.
“From tech to tourism, wood products and natural resources, the expansion of this important hub will help B.C. strengthen ties with global partners, attract investment, and generate good jobs for people in B.C.”