Download Mark Shrimpton - Memorial University

BUILDING AN INDUSTRY;
BUILDING AN ECONOMY
Mark Shrimpton
Jacques Whitford Ltd.
PRESENTATION
STRUCTURE
 Introduction
 Economic
Benefits from the
Industry
 Sustainable Economic
Development
 Conclusion
ECONOMIC BENEFITS
 Petroleum
Research Atlantic Canada
Studies:
 Petroleum
Research Atlantic Canada
 Government of Newfoundland and
Labrador
 Canadian Association of Petroleum
Producers
 Husky Energy
 Memorial University
ECONOMIC BENEFITS
Annual mean,1999 – 2004

Real GDP up by 18.4%
 Personal Income up 5.9%
 Retail Sales up 5.1%
 Extra Housing Starts: 85
 Total Employment up 12,500 (6.0% of All
Employment)
 Unemployment Rate down 2.3%
 Population up 9000
ECONOMIC BENEFITS
Annual mean,1999 – 2004, and 2004

Real GDP up by 18.4% (24.3%)
 Personal Income up 5.9% (7.6%)
 Retail Sales up 5.1% (6.4%)
 Extra Housing Starts: 85 (119)
 Total Employment up 12,500 (17,300)
(6.0% (8.0%) of All Employment)
 Unemployment Rate down 2.3% (3.1%)
 Population up 9000 (16,000)
ECONOMIC BENEFITS:
INFRASTRUCTURE
 Total
Value: > $1.2 Billion
 Industrial Examples:
 Bull
Arm construction site
 Marystown fabrication yard
 NEWDOCK sub-sea fabrication centre
 Newfoundland Transshipment Terminal
 Pipeyard, warehouse and
operations centre
 Supply base and heliport
ECONOMIC BENEFITS:
INFRASTRUCTURE

Memorial University of Newfoundland:




Marine Institute:



Earth science research
Cold ocean resources engineering
Visualization laboratory
Centre for Marine Simulation
Offshore safety and survival training
College of the North Atlantic:


Petroleum Training Centre
Engineering Technology Centre
OTHER ECONOMIC BENEFITS
 Oil
Revenues
 Transportation and Communications
 Education, Training and R&D
 Economic
Diversification
 Sustainable Economic Development
SUSTAINABLE ECONOMIC
DEVELOPMENT
 New
Sector of Economy
 Export of Petroleum Industry
Expertise, Goods and Services
 Sales of Expertise, Goods and
Services in Other Industries
 Increased Entrepreneurship, SelfConfidence and Ambition
CONCLUSION
 An
Economic Development Success
Story
 However, need for:
 Wider
recognition of the range, scope
and scale of benefits
 Wider recognition of diversification,
transformation and sustainability
 Greater efforts to build the industry
 More federal activity in NL
 Strategic thinking re further economic
development