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🌦️ Construction forecast

2025 predictions, Trudeau's cabinet shakeup and a huge MOU in the east.

Together with

Good morning! 🪖 The US Army is looking to use 3D printing to revolutionize battlefield infrastructure. Their research team has already demonstrated success, including a 3D-printed, multi-part test bridge capable of supporting a 7,000-pound load.

⏰ Today’s read: 5 minutes

MARKETS
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market direction arrowBitcoin$151,278.60
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*Stock data as of last market close; currency, oil and crypto data as of 11:00 PM ET Dec. 16, 2024.

Economy: Finance Minister Chrystia Freeland's abrupt resignation from cabinet, announced just hours before delivering the fall economic statement, has sent shockwaves through Ottawa. Freeland revealed in her resignation letter that Trudeau had asked her to step down as Finance Minister, prompting her decision to leave the cabinet entirely. The move has sparked criticism of Trudeau's leadership, with opposition leader calling for his resignation. Sources have also indicated Housing Minister Sean Fraser plans to leave his role

NEED TO KNOW

The week's headlines

🔌 Plugged in: Newfoundland and Labrador and Quebec have signed a transformative (MOU) to expand hydroelectric generation in Labrador, promising over $200 billion in economic benefits by 2075 for N.L. and significant cost savings for Quebec. The agreement includes new contracts for the Churchill Falls facility and plans for major renewable energy projects, such as the 2,250 MW Gull Island facility, a 1,100 MW expansion near Churchill Falls, and a 550 MW capacity increase.

🚃 Finding alignment: Alberta has unveiled a revised alignment for Calgary’s Green Line LRT project, featuring elevated tracks through downtown instead of tunneling, saving over $1 billion. Designed by AECOM, the new 17-kilometer route includes 12 stations (up from 7) and connects to Calgary’s Blue and Red Lines along Seventh Avenue. While the $6.2 billion budget remains unchanged, the plan aims to extend service farther south to Shepard and serve 60% more residents.

🍺 New brew: MONTONI and the Fonds immobilier de solidarité FTQ have unveiled an ambitious vision for the redevelopment of the former Molson brewery, a sprawling site along the St. Lawrence River. Dubbed Quartier Molson, the project aims to create a model of sustainable urban living with nearly 5,000 housing units, public parks, and vibrant mixed-use spaces.

🏗️ Once again: Tridel, a leading Toronto developer with over 90 years of experience, has been appointed to take over The One, Canada’s tallest skyscraper under construction at Yonge and Bloor. Acting as development manager, construction manager, and general contractor, Tridel was selected after presenting the best proposal out of 11 bidders in a court-supervised process.

EVENTS

Limited offer: Tickets announced for ‘25 Innovators’

We have 10 discounted tickets to one of the hottest events in town just for our subscribers. If you ever wanted to learn secrets from the owners and executives behind Canada’s most innovative construction businesses, now is your chance. We are gathering with the winners of our 25 Innovators in Construction competition in early 2025 for an evening of networking and idea sharing. We even have a high-tech heavy equipment simulator to try out. If you want in on the action, only the first 10 people to use promo code 25EARLYBIRD will get 30% off their tickets. The offer ends Friday!

THE BIG STORY

Building outlook: What’s in store for 2025?

Out with the old, in with the new. 2024 is almost behind us so it’s time to reflect on what’s happened and look ahead to the future. 

Uncertain times: Experts say that in 2025, the construction sector will face unpredictable conditions. When SiteNews asked BuildForce Executive Director Bill Ferreira, he noted that economic volatility, geopolitical tensions, and fluctuating market conditions continue to create an unpredictable environment, potentially impacting the sector's stability and growth. 

Staying positive: We spoke with Canadian economist Jock Finlayson who said expectations of declining interest rates are a sign to stay positive. He believes this should be helpful in setting the stage for increased investment across all segments of the construction business – homebuilding, the industrial sector, engineering infrastructure, and more. However, the outlook for new office development is less favourable, given the stickiness of the work-from-home phenomenon and significantly higher office vacancy rates in many cities. 

Under pressure: According to experts at HUB international, despite optimism, systemic and economic headwinds like inflation, climate change, and interest rates could pressure profits. ​ Total new Canadian construction spending is projected to reach US$394.22 billion in 2025. ​ Cooling inflation and declining interest rates may lead to more projects but also higher labor and supply costs.

A Trump card: However, Finlayson acknowledged that the biggest concern lies in American trade policy under incoming President Trump.  Should he carry forward with the threat to levy a 25% across-the-board tariff on all goods imported from Canada (and Mexico), the Canadian economy will quickly be catapulted into a recession. He also fears Trump could scrap the Canada-U.S.-Mexico trade agreement (CUSMA).

2024 lessons learned: For Ferreira, the key lesson from 2024 is the construction sector's remarkable resilience and capacity to adapt. Finlayson noted that for him, the principal lesson from the last several years is that it doesn’t make sense for a country (or a province) to base its economic development strategy around rapid population growth.

Disagree? Reply to this email to let SiteNews know your lessons from 2024 and predictions for 2025! 

PROJECT SPOTLIGHT

Atlantic research

Designed by Diamond Schmitt, The Atlantic Science Enterprise Centre (ASEC) is a state-of-the-art research facility intended to advance the understanding and protection of Atlantic freshwater and coastal ecosystems in Canada. Occupying the historic Collège Notre-Dame-d’Acadie site in Moncton, N.B., the building integrates heritage elements with modern design, featuring a skylit atrium, open gathering spaces, and a focus on sustainability as a net-zero carbon facility.

PROJECT UPDATES

Alberta completes $818 million in road work during 2024

Design work on Highway 413 nearly complete

Province announces $20 million for Carseland diesel facility

Cadillac Fairview proposes mixed-use project for Vancouver waterfront

Calgary breaks ground of Arts Commons Transformation expansion project

Get our full breakdown of the week’s project updates in the link below

WHAT WE’RE TALKING ABOUT

LIST: 🌿 7 green concrete tech leaders

READ: 🚘 Can a road toll fix your life

VIDEO: 🏠 The tiny invention that created suburbs

LIST: 🤝 Metro Vancouver’s biggest land deals for 2024

VIDEO: 💰 How cash crunches kill contractors

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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.