The Canadian CANDU MONARK demonstrates a Domestic Economic Advantage
June 21 2024 - 9:30AM
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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