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Good morning! 🏠 At first glance it looks like a residence swallowed by an explosion of shells, beads and driftwood, but Toronto’s highly decorated Wood Cake House has become one of its most iconic unofficial landmarks. The project began as a welcome distraction for a construction worker following a life-changing injury.

⏰ Today’s read: 4½ minutes

MARKETS

*Stock data as of last market close; currency, oil and crypto data as of 12:20 AM ET April 30th, 2024.

Economy: More than 70% of aspiring first-time homebuyers are waiting until interest rates drop to pull the trigger, new data shows. According to Bank of Montreal, this is an increase of 4% from last year. Experts have speculated that the earliest we could see interest rate cuts would be in the second half of 2024.

THE BIG STORY

Power surge: AI fuels data centre build boom

Is your firm prepared for the AI boom? 

We aren’t talking about the technology’s application in construction, we mean the boom of construction work being generated by AI and other tech expansion. 

Reports show data centre facilities, which are utilized by AI and cloud service providers, are exploding in the U.S. and beginning to pick up steam in Canada.

Why we need them: Increased processing needs, more storage requirements, reducing latency by getting closer to users, edge computing requirements that bring data closer to AI processing, and using new facilities to optimize energy efficiency.

Deceptively tough: They don’t look like much on the outside, but data centres are harder to build than you think. They require immensely complex, interconnected systems, and builders have large commissioning requirements due to the extreme reliability required. They must operate 24/7 and their annual downtime is often measured by less than a second. 

Think bigger: Microsoft and OpenAI are reportedly in discussions regarding a U.S. data centre project. The facility would house an AI supercomputer called Stargate and could cost over $100 billion. 

Experts wanted: Somebody will have to build this infrastructure. It could pay off huge later to begin investing in data centre experience now. Economists predict the global data center market could hit the market valuation of US$ 792.29 billion by 2032. 

NEED TO KNOW

The week's headlines

🚗 Honda plans to build a comprehensive EV value chain in Canada with an approximate investment of $15 billion. Honda has begun evaluating the requirements to build an EV plant and a stand-alone Honda EV battery plant in Alliston, Ont. The proposed Honda EV value chain will also include a cathode active material and precursor processing plant and a separator plant. 

🏠 Proposals are being sought for eight new pre-zoned housing sites on public lands in B.C. that have been added to the BC Builds property list to fast-track more rental homes to be built for people with middle incomes in B.C. 

🏅 Do you have a good idea to reimagine Montreal’s Olympic Stadium roof? The Montréal Olympic Park is launching an international idea competition to reuse and valorize the components of the roof. The winning play will be chosen by Quebec residents and a jury of experts. 

🌹 This week, Canada and the construction industry observed the National Day of Mourning to remember workers who have lost their lives to workplace injury or illness, and renew efforts to improve workplace safety. Data shows that 993 workplace fatalities were reported in 2022, including 183 in the construction industry.

TOGETHER WITH SITEMAX SYSTEMS

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PROJECT SPOTLIGHT

Rosemont blooms

Elysium investments is planning a downtown Toronto, transit-oriented, residential hi-rise development that will feature a 67-storey tower above the two existing heritage homes on site. The homes, originally built in 1887 and 1888, would serve as a new residential lobby and amenity space.

PROJECT UPDATES

21-storey building proposed for North Vancouver

Infrastructure BC releases major projects brochure

Unused building renovated into community centre

Victoria Hospital chosen for new addictions recovery centre

Ritchot Mayor says construction slowdown could last into 2025

WHAT WE’RE TALKING ABOUT

Q&A: 👷🏼‍♂️ We are chatting with ‘Most Influential’ winners

LISTEN: 🎙️ Calgary association leader talks trades shortage with CBC

WATCH: 🚃 The Eglinton project has made a breakthrough

READ: ✈️ World’s biggest airport is under construction

TOP CONSTRUCTION JOBS

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Here’s to a great rest of the week!