🏗️ Black History Month

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⏰ Today’s read: 4 ½ minutes

MARKETS

*Stock data as of last market close; currency, oil and crypto data as of 11:30PM ET February 12th, 2024.

Economy: Statistics Canada announced surprisingly strong January labour data this month, with the number of new jobs hitting more than double economists’ expectations and the unemployment rate posting its first decline in 13 months. This prompted some economists to adjust their forecasts for how much the Bank of Canada will cut its trend-setting interest rate over the course of 2024.

THE BIG STORY

Black History Month in construction

February is Black History Month. In Construction, it is a time to acknowledge the contributions Black Canadians have made to the industry. The official 2024 theme for Black History Month is: “Black Excellence: A Heritage to Celebrate; a Future to Build”. This theme celebrates the rich past and present contributions and accomplishments of Black people in Canada, while aspiring to embrace new opportunities for the future.

On the tools: Statistics Canada noted that Black Canadians were particularly less common in the skilled trades compared to their proportion of population. According to census data, Black men are roughly 3.7% of the population and make up 1.2% of certified journeypersons. For Black women, they make up 2.6% of certified journeypersons and are 3.9% of the population.

Sowing seeds: Efforts are underway to increase Black participation in the industry. Notably groups like NexGen Builders -  who's program aims to connect Black youth with experienced professionals in the construction industry, providing them with mentorship, professional development opportunities, and support to enter or advance in the construction sector.

Support in the workplace: After speaking with Black workers and leaders in the industry, the Toronto Community Benefits Network offered these tips to snuff out racism and support Black employees:

• Track the success of employees who start at the same level to determine if race plays a role in your organization

• Collect race-based data of all employees, managers and executives

• Establish a position of diversity officer or ombudsperson to address systemic racism and discrimination

NEED TO KNOW

The week's headlines

🧑‍⚕️ Ontario announced it will provide $794 million to help build a $1 billion patient tower at Toronto Western Hospital. The 15-storey tower will include 82 patient beds, and 20 operating rooms. It is expected to increase the University Health Network’s number of completed surgeries by 20%.

🏠 The Canadian Home Builders’ Association wants Ottawa to offer a 30-year amortization period for insured mortgages on new homes. The group says extending the period an additional five years would help with affordability and spur more construction.

🏗️ The Government of Canada, the City of Ottawa announced that they reached an agreement to fast-track over 4,400 housing units over the next three years. Initiatives proposed include altering rezoning requirements to allow for low-density area intensification, and modernizing policy and regulatory frameworks.

📉 Building permits took a tumble this winter. December’s total value of building permits dropped 14% from from the previous month, coming in at $9.2 billion. This made it the lowest monthly level since October 2020. Declines were recorded in both the residential and non-residential sectors.

PROJECT SPOTLIGHT

A pair of bridges

The Port Lands Bridges, which opened last month in Toronto, are central to Waterfront Toronto’s larger $1.3 billion Port Lands project. The bridges were designed by Entuitive, schlaich bergermann partner, and Grimshaw Architects. The design features a hybrid shell-arch bridge structure. This maximizes the material efficiency and reduces cost. Additionally, tied arches only create vertical reaction forces which reduce the size and complexity of the foundations. This was key as the soil in the industrial area is contaminated and of poor quality.

PROJECT UPDATES

• 25-storey mass timber tower approved for Vancouver

• Construction wraps on state-of-the-art sound stage

• Diamond Schmitt wins St. Paul’s Hospital design contract

• 3,300-unit Conestogo rental development coming to Waterloo

• Schematics finished for Red Deer hospital expansion

WHAT WE’RE TALKING ABOUT

LIST: 🧠 7 firms engineering Canadian mega projects

READ: 💰 Bank of Canada official on interest rates and housing

PHOTOS: 🐶 Therapy dogs help relieve stress for WZMH Architects

READ: 🏃 Adera Construction VP eyes fitness world record

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Here’s to a great rest of the week!

*Disclaimer: SiteNews is an independently-operated news website. Views expressed are that of the editorial team and are based on publicly available information unless otherwise noted through sponsored content.