The Oakville Chamber of Commerce’s recommendations for infrastructure spending were supported by the Canadian Chamber network at the policy conference and Annual General Meeting (AGM) held this past weekend in Fredericton, New Brunswick.
The policy resolution, and the recommended actions contained in the resolution, will become one of a number of key priorities identified by the Canadian Chamber. It will form part of the framework for the advocacy efforts undertaken by the organization at the federal level.
The resolution, which was submitted to the Canadian Chamber of Commerce, states that more than half of Canada’s public infrastructure, valued at $1.1 trillion, is owned by municipalities and according to the Federation of Canadian Municipalities, one third of municipal infrastructure is reported to be in fair, poor or very poor condition.
“Infrastructure funds need to be allocated effectively and efficiently to the right types of projects. It is vital that investments are made strategically in projects that support the long-term growth of our economy” stated Ken Nevar, Chair of the Board, Oakville Chamber of Commerce.
Mr. Nevar also notes that “While most of our infrastructure challenges are the responsibility of our local government, both the federal and provincial governments have committed renewed investment to tackle our infrastructure needs. Successful distribution of this funding will be achieved by the co-ordination, communication and collaboration of all levels of government.”
According to the Federation of Canadian Municipalities (FCM), every $1 billion invested in infrastructure generates between $1.20 billion and $1.64 billion in real GDP growth; a proven multiplier effect guaranteed to boost the economy.
Similarly, every $1 billion invested in infrastructure creates approximately 16,000 jobs which are supported for one year across multiple sectors.
The resolution prepared by the Oakville Chamber is driven by Chamber member opinion obtained through advocacy surveys which revealed that traffic congestion continues to be an obstacle for success for businesses and that infrastructure priorities need to be transportation related.