Telus announced it will spend $16 billion on expanding its broadband network infrastructure in Alberta, an investment expected to create thousands of jobs.

Company president and CEO Darren Entwistle said the $16-billion investment would be spent over a period of five years ending in 2023.

He said some of that money is earmarked to hire 5,000 Albertans over the next five years, as well as:

Connect more homes, businesses and schools to the fibre optic network, including those in remote communities

Prepare Alberta for 5G technology

Support IoT capabilities and agriculture tech

Support the creation of an additional 20,000 jobs across the province

Entwistle called it a move that will “elevate the competitiveness of Alberta’s private sector through economic growth.”

Premier Jason Kenney called the money a “game changer” for Alberta’s economy.

“It also demonstrates the importance of establishing investors’ confidence in this province,” Kenney said, referencing a recent trip to Wall Street in New York. “They want to see though if our country can still build big things and get things done.”

Kenney said the province’s job creation strategy will support the Telus investment by introducing a tax cut to reduce job creators’ rates by one-third.