When it comes to nation-building projects, top of the list for Canadian business leaders is the development of a national energy corridor, a new survey from KPMG finds.

The consultancy surveyed 250 business leaders in all industry sectors across the country last month to gauge opinion on which nation-building projects could best energize the Canadian economy, improve productivity and break Canada’s dependence on U.S. markets.

Responses ranged from improving existing ports and transportation networks to building an energy-agnostic utility and digital infrastructure corridor.

"We're seeing unprecedented pressure on our infrastructure and construction industries to deliver projects quickly and urgently," says Zach Parston, Partner and National Leader, Infrastructure, KPMG in Canada. "Canada is already in a megaproject era that's about to intensify in a big way. To get this done – project owners, government, Indigenous communities, contractors, financiers, and other stakeholders are going to need to work collaboratively to expedite delivery, innovate and improve productivity."  

Financing these projects will be key, with nine in 10 business leaders saying Canada will need to "unlock" public-private investment in infrastructure to incentivize institutional investors and private capital to participate.

"The success of these projects will hinge on how they are structured and financed," says John Cho, National Private Capital Leader in Canada and Head of Deal Advisory for KPMG in the Americas. "If they can be structured in such a way to attract institutional investor and private capital ownership, it will allow the federal government to continue to invest in other areas critical for maintaining and improving the lives of Canadians."

The survey also found:

• 92 percent say it would help their company grow or expand their business nationally and overseas if investments were made to improve the country's infrastructure (e.g., transportation networks, ports, pipelines, etc.)
• 90 percent say all levels of government need to declare the building of an energy-agnostic utility corridor as "a national emergency and quickly align to expedite and streamline the review processes"
• 90 percent want Canada to invest in a policy and infrastructure agenda to unlock the country's economic potential, including a national utility corridor and digital infrastructure
• 90 percent say Canada will need to unlock public-private investment (public-private partnerships) in infrastructure
• 89 percent say "Canada's ports are woefully unproductive and need major investments" in order "to make good on the promise of wider global trade"
• 89 percent say "all levels of government must collaborate and create pre-approved industrial zones across Canada to cut red tape and speed up approval times to build refineries, mines, or factories that would allow for expansion within Canada and open up access to coastal ports and put a stamp on Arctic sovereignty"