The OECD has officially announced that a fresh period of economic expansion has begun in Iceland and has projected it to exceed 5% per annum by 2005, as work on the major aluminium-related investment projects gathers momentum. The greenfield investment by Alcoa of $1.1 billion is accompanied by a hydroelectric investment of the same amount. Furthermore, Columbia Ventures Corporation is expected to enlarge its Nordural aluminium smelter in 2004-2005 with estimated cost of about US$ 580 million, including needed energy investment. The new Alcoa smelter is scheduled to start up in 2007 and Columbia Ventures’ expansion to come in operation in 2006. Total labour force needed for the energy construction projects only is estimated to be about 4,200 man-years and 2,200 man-years for the Alcoa aluminium smelter.