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Good morning! 🌭 Do you love waking up to the the smell of budget-friendly hotdogs? A Los Angeles real estate developer plans to build an 800-unit residential complex above a Costco, marking the first such integration of the retail chain with housing in the United States.

⏰ Today’s read: 5 minutes

MARKETS

*Stock data as of last market close; currency, oil and crypto data as of 11:00 PM ET Jan. 6, 2025.

Economy: According to Statistics Canada, the construction sector rose 0.4% in October with non-residential building construction (+1.8%) contributing the most to the increase in the month. Investment in institutional buildings drove the increase in the subsector. Repair construction was the only subsector posting a decline in October, partially offsetting the increase recorded in the previous month.

NEED TO KNOW

The week's headlines

Trudeau exits: 🍁 After more than nine years as prime minister, Justin Trudeau announced he plans to step down before the next election. Trudeau stated that he has lost the support of his party and internal battles mean it is time for someone else to lead the Liberals. Parliament will be suspended or prorogued until March 24.

Nova Scotia wind: 🍃 The Canada Infrastructure Bank (CIB) is investing $224.2 million to support the Goose Harbour Lake Wind Farm in Nova Scotia, a project that includes 24 Nordex turbines with a 168 MW capacity and advanced cold-climate technology. The initiative, led by RES Canada Construction LP, will supply zero-emission energy to the provincial grid and Port Hawkesbury Paper, a major regional employer.

Bridging the gap: 🔨The City of Toronto announced it will begin critical repair work on five bridges in spring 2025, as part of the next stage of the Gardiner Expressway Strategic Rehabilitation Plan. The contract for the bridge repairs will be advertised in early January so that work can begin in spring 2025.

Under negotiation: 🤝 Newfoundland and Labrador announced that an independent panel will oversee negotiations with Hydro-Quebec on a new energy agreement, but declined calls for a full review. The deal promises Hydro-Quebec will pay much more for electricity from the Churchill Falls plant and partner on new hydro projects, potentially adding $17 billion to the provincial treasury by 2041. Opposition parties, citing past project failures, have demanded an independent review.

THE BIG STORY

New Year’s Resolutions: Projects wrapping up in 2025

With 2024 in the rearview mirror it’s time to look ahead to 2025 and see what major work will be wrapping up in the next 12 months and what sort of impact these projects could have. 

Major projects: Gordie Howe Bridge Project, LNG Canada, Site C Dam, Eglinton Crosstown LRT, Pattullo Bridge Replacement and the Strathcona Renewable Diesel Refinery are just a few of the really big ones. Check out our full list here. 

Economic impact: LNG Canada alone could help jumpstart a massive industry in the country. For Canada as a whole, LNG would mean 96,550 more jobs a year and over $6 billion in wages. The federal government could expect to see $64 billion in additional revenue. Then you have the Pattullo and Gordie Howe Bridges, which will vastly improve transportation networks in major Canadian regions. 

Environmental impact: The Strathcona Renewable Diesel Facility is expected to be the largest renewable diesel producer in Canada. Creating more than 6 million barrels of renewable diesel at Strathcona will be the equivalent of taking 650,000 vehicles off the road annually. And major public transportation projects like Eglinton LRT would take even more cars off roads.

Moving target: Don’t pop the champagne just yet. Many of these projects have had their completion dates kicked down the road many times before. And don’t forget that many of them will be wrapping up with much larger budgets than planned. This had led some scholars to wonder if the way we build large projects, particularly infrastructure, is fundamentally flawed. 

Forging ahead: That said, it’s not always the case. Recently, the final portation of the Calgary Ring Road was completed on budget and months ahead of schedule. The Gardiner Expressway rehabilitation is on track to finish a year early and cities like Edmonton are seeing success using technology to turbocharge permit approvals.

TOGETHER WITH HAMMERTECH

Beyond compliance: The next level of safety

Industry giants like PCL are embracing high-tech safety tools like HammerTech and for good reason. Safety engagement platforms streamline workflows, track data, and enhance worker and subcontractor participation. With regulatory changes, labor shortages, and the growing importance of safety technology in attracting and retaining talent, modern tools are becoming essential for improving safety outcomes and maintaining competitiveness in the industry. Learn more about PCL’s shift to HammerTech in our story below.

PROJECT SPOTLIGHT

Here come the Waterworks

Recently recognized with an award of merit from the AIA Canada Society, Waterworks revitalizes a historic Toronto waterworks building by integrating diverse uses, including food-focused retail, a YMCA, affordable housing, a youth shelter, and family-oriented condos. Designed by Diamond Schmitt, the project restores the Art Deco structure while adding modern elements.

PROJECT UPDATES

Court-ordered sale of insolvent Port Coquitlam development approved 

Nat Bailey Stadium to undergo renovations

Cadillac Fairview confirms plans to demolish former luxury hotel

Windsor backs out of chosen homeless hub location

Developer proposes changes to Centennial Building

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

WHAT WE’RE TALKING ABOUT

PHOTOS: ❄️ Polar vortex ices up equipment

PHOTOS: ☕ You’ve never seen Tim Hortons like this

READ: 🚄 China plans massive high-speed rail expansion

WATCH: 🐋 Nova Scotia plans whale sanctuary 

READ: 🚨 Excavator robberies continue in Toronto

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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.