The province is announcing new funding for an upgrade to Calgary’s busiest highway that officials say will promote growth in the southeast section of the city.

The new interchange for Deerfoot Trail will be built at 212 Avenue S.E. and will provide a new access point for Cranston, Seton and the brand new community known as Rangeview.

The development will be built as the product of partnership between the province, the city and Brookfield Residential.

"Building the interchange is going to be a team effort," said Brian Mason, Minister of Transportation. "Funding will be divided equally with each party assuming one-third of the costs."

He said that construction of the project, that will cost about $40M, will support approximately 25,000 jobs that include positions to develop the surrounding communities.

Finance Minister Joe Ceci said the interchange will help ease traffic and reduce stress for Alberta families through dealing with those issues.

"As a former City of Calgary alderman I can appreciate how much time it takes to sign off on infrastructure projects."

City officials agree and say it will make a major difference for future residents.

"This is the right time for government to build," said Mayor Naheed Nenshi. "Governments should be building when interest rates are low, when construction costs are low, when people are unemployed. This is exactly the time for all of us to think about how we invest in the infrastructure that we need every single day."

Construction is expected to begin in the summer and it should wrap up by the winter of 2018.