⚡️ Builders and blockchain

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Good morning! 🐥 Chirp chirp. That dang bird app is at it again. Elon Musk's Twitter takeover is set to shakeup the world of social media. The billionaire has already sliced up the company's leadership and it remains to be seen how his plans will unfold.

In the meantime, cut through the dreary fall weather with this ray of sunshine: our list of 🇨🇦 solar companies to keep an eye on.

- Russell Hixson, editor

MARKETS

*Stock data as of last market close; currency, oil and crypto data as of 10:15PM ET

Markets: Experts are growing concerned over slow economic growth in China, one of Canada's top trading partners. Critics say that the country's mediocre economic growth related to its zero-COVID policy and housing crisis could have an impact on 🇨🇦 industries that heavily rely on exporting.

THE BIG STORY

⛓️ Unchaining the blockchain for builders

Have you checked your crypto portfolio today? The ups and downs of the crypto world seem far away from the job site. But the same tech that powers Bitcoin and Ethereum could be poised to disrupt the construction sector.

Research published in the Journal of Industrial Information Integration suggests that blockchain technology's benefits for construction could be immense.

“Creating immutability, transparency, trust, security, auditability, single source of truth among others, has started to disrupt a number of industries such as finance, insurance, logistics, energy and transportation by its promising advantages and various applications,” wrote the authors.

Here’s the deal: Research is fine, but are real companies actually going to use the blockchain?

• Companies like Calgary-based Credivera are already using private blockchain technology to verify professional memberships, certifications and other credentials on jobsites through a digital wallet smartphone app.

• Edmonton-based Intelliwave Technologies created the material management software SiteSense, which creates an activity feed for every construction resource and record document. It logs and categorizes every activity in sequence relating to the resource. Blockchain is used to store these transactions securely and privately, allowing multiple shared stakeholders (or peers) to connect and sync the transactions.

• On the ground you have some contractors embracing blockchain for payment. Calgary contractor Trademark Renovations announced it would accept Bitcoin and Ethereum for renovations and custom builds.

The big picture:

Yes, blockchain is exciting and there is no shortage of crypto evangelists touting its disruptive power for construction. But it’s still early. Aon, a global risk advisor for construction, said this to Harvard Business Review researchers about the technology’s future:

“Collectively, we are all better off if we encourage data collaboration and use blockchain and machine learning to help us establish longer-term industry road maps for investments, and technologies that can boost productivity and efficiency and lessen risk.”

NEED TO KNOW

The week's headlines

• 🏆 Westbank’s iconic Vancouver House is up for an international award.

• 🏠 Ontario proposes massive 50-part plan to address its housing crisis.

• 🍏 Tech investors rejoice. Apple and Shopify have beat revenue expectations.

• 💸 Ouch! A one-bedroom apartment now rents for an average $2,481/month in Toronto - a 20.4 per cent increase over last year.

• 📚 Jayman Built sets $15M fundraising goal for construction trades training.

SPONSORED BY WALES MCLELLAND

How to vet your construction partner

Decisions, decisions, decisions.

Choosing your construction partner might just be the biggest business decision you make.

Wales McLelland believes that a strong partnership is built on a foundation of trust—something that’s earned rather than awarded.

The B.C.-based company, which has been in operation for 50 years, offered its advice for evaluating trust before the work begins. Wales spoke with partners from major projects like Boundary Bay Business Park, The George, Delta iPort, OpenRoad Auto Group Toyota Dealership to get their thoughts on what makes for a good partner:

• Close collaboration with architectural and engineering firms early in the pre-construction phase to make sure building design aligns with the functional needs of the client and the practical needs of construction.

• The ability to perform with consistency.

• A builder that can be trusted to perform and de-risk a project.

• Builders that emphasize communication when collaborating with other project consultants helps to make sure that all viewpoints are served.

Read more here.

PROJECT SPOTLIGHT

2 Queen West restoration revives Toronto history

Past, present and future: PCL Constructors Canada and Cadillac Fairview have reached the highest point of construction on the Queen 2 West project. The building was originally completed in 1895 and has undergone major renovations over the years as it passed from owner to owner. PCL was tasked with keeping its history intact, while revamping the structure to meet present-day needs. This work has been so detailed, it even includes modeling exact replicas of the original 1895 brick down to color, size and mortar. Substantial completion is expected to be achieved in summer 2023.

PROJECT UPDATES

Construction begins on Jennie Gaglardi place in Langley, B.C.

Toronto begins major construction work on Adelaide Street

PCL to lead complex portion of Yellowhead Trail Freeway Conversion

Alberta premier supports building new Calgary arena in letter to mayor

WHAT WE'RE TALKING ABOUT

Read: It’s not where you think it is. Tallest building in the EU completed

Watch: 💰 Crypto for a rainy day? B.C. tradesman puts his life savings into Bitcoin

Tweet: 🐶 It’s costume day at the office for these bridge project pups 

Read: Alas, what could have been. Unbuilt projects in Toronto

Watch: 🚁 Walking ‘The Line’ with a drone in Saudi Arabia

BY THE NUMBERS 

How much is construction growing?

The total value of building permits in Canada in August was $12.5 billion.

That same month, total investment in building construction reached $21.1 billion, with most gains coming from B.C.

Capital expenditures on non-residential construction and machinery and equipment are expected to rise 8.6 per cent to $298.2 billion in 2022.

POLL

🙏🏻 Thanks for reading!

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