OTTAWA, June 21, 2024 (GLOBE NEWSWIRE) -- Beyond its pivotal role in boosting Ontario’s nuclear power capacity, the CANDU MONARK project is poised to usher in a host of economic benefits, according to an economic impact analysis by The Conference Board of Canada.
“Thanks to their deep integration with domestic supply chains, deploying CANDU MONARK reactors offers promising opportunities for the Canadian economy,” said Tony Bonen, Executive Director of Economic Research at The Conference Board of Canada. “Its impact will extend well beyond the immediate sector, generating one-and-half jobs for each person directly employed in the project.”
The economic projections underscore the significant impact that the deployment of a four-unit CANDU MONARK Nuclear Power station will have on the Canadian economy. For every dollar spent, GDP will increase by $0.97. Over its 88-year lifespan, the project is anticipated to contribute $90.4 billion to Canada’s GDP and projected to boost tax revenues by $29.1 billion across all levels of government.
The deployment of these reactors will also foster and sustain employment opportunities across Canada, both directly and indirectly. Throughout the 9-year construction phase, the four-unit project will create 33,500 full-time equivalent jobs. Broadly, through the project’s design, construction, and operation phases, it will support an average of 6,700 jobs annually with 59 per cent of employment stemming from indirect and induced effects. As a result, the project will support well-paying jobs nationwide.
Looking ahead, Canada can leverage its domestic supply chains to deploy the CANDU MONARK oversees, which would add an additional $4.8 billion to GDP per unit and amplify the economic benefits of the project.
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The Conference Board of Canada is the country’s leading independent research organization. Since 1954, The Conference Board of Canada has been providing research that supports evidence-based decision making to solve Canada’s toughest problems. Follow The Conference Board of Canada on Twitter @ConfBoardofCda.
