Smart Move Minister Sheridan...

I expect that without this announcement our construction industry was looking at very weak forecasts over the next couple of years as housing starts, retail development and small service industry projects were being scaled back to about half the normal amount. This announcement should help restore some confidence in the banking and development industry and boost some moral for many of our small sub contractors who will benefit from this work. There will be a crowd of people who will be whining that we're putting ourselves too far in debt but on the other hand it could be very good timing to pick up some Federal initiatives to help fund these projects. I always believe that a "new" dollar spent here in our community turns itself over a minimum of 5 times and finds its way around our community which could be really important during this economic downturn. Many of these projects are long overdue and most of them are for education and health care all of which all Islanders benefit… so why not do them now when the Government will be getting good market prices for construction as opposed to waiting for the economy to come back and then we have to pay through the nose for the projects… Kudos to Minister Sheridan and Premier Ghiz for ramping up these projects..
P.E.I. plans half billion in capital spending
Friday, November 28, 2008
CBC News
The P.E.I. capital budget announced Friday lays out $510 million in spending over the next five years with the goal of stimulating the economy.
Health care projects
Queen Elizabeth Hospital redevelopment: $53.4 million
Prince County Hospital dialysis services: $1.2 million
Replace Prince Edward Home: $22 million
Summerset Manor in Summerside: $14 million
Colville Manor in Souris: $9 million
O'Leary Hospital/Beechwood Clinic: $3.7 million
The government will increase its capital investment levels in the first three years of the plan to stimulate the economy, before returning to normal spending levels in the last two years.
"This capital budget spending is strategic, and will result in a stronger economy down the road," said Provincial Treasurer Wes Sheridan.
"Continuing to invest in our Island community is the best way to weather any challenges we may face as a result of downturns in the global economy."
The plan includes $116.8 million for health-care infrastructure, $254.5 million for highways and $41.8 million for schools.
Education projects
Completion of schools in Montague in Summerside
French language school in the Rustico region
Expansion of the École François Buote
Expansion of trades training programs
School buses: $10.7 million
The government expects the five-year spending plan to create 5,043 jobs, generate $39.3 million in new provincial tax revenues and add $278 million to the provincial gross domestic product.
The highways funding will enable government to rebuild more than 700 kilometres of roads and repair 35 bridges. It includes $1 million in road improvements on First Nations reserves. The budget also contains funds to partner with the federal government on a renewed Atlantic Gateway project.
Industry infrastructure is a target for spending as well. The BioCommons Research Park is allocated $15 million and another $19 million is set aside for improvements to information technology systems.