Vancouver International Airport (YVR) has unveiled its revised 20-year expansion blueprint with a total investment of C$9.1bn ($6.93bn) to ramp up its infrastructure and help manage increased passenger growth.
The updated estimate translates into a 62.5% surge from the original estimate of C$5.6bn ($4.26bn), which was announced by the Vancouver Airport Authority in January last year.
Under the modified multi-year expansion plan, the airport authority has broken ground on a number of construction projects.
Vancouver Airport Authority president and CEO Craig Richmond said: “We are experiencing record growth at YVR as we deliver on our mission to connect British Columbia proudly to the world and these ambitious expansion projects will further position YVR as a world-class connecting hub.
“As we build the airport of the future, our focus is to move people and goods efficiently, while continuing to delight people with a wide range of offerings, amenities and outstanding customer service.”
YVR plans to fund the expansion project through its own resources.
By 2037, a total of 75 major projects, including the expansion of runways, parking and terminal expansions are expected to be completed.
The plan also includes construction of one of the largest GeoExchange systems in Canada, which involves using groundwater for heating and cooling.
The construction projects are expected to create 2,500 full-time construction jobs on Sea Island and hundreds more off-site by the end of the year.
Canadian Member of Parliament for Fleetwood-Port Kells region Ken Hardie said: “With this announcement, YVR is completely in focus with our national priority to improve infrastructure as a way to deliver better services to Canadians and to provide a foundation for stronger trade connections to the world.
“So in addition to the ripple effects on our local economy through this significant investment, we’re setting the table for trade and prosperity that will continue to pay dividends long after the construction phase has been completed.”