📈 Fall statements

Good morning! 🏗️ Someone, give this guy a raise. The crane operator’s quick action saved a UK man’s life. Dramatic video this month shows the operator plucking someone from the rooftop of a skyscraper going up in flames while battling high winds. Impressive! 

📢 Last week we said we had news about SiteNews. Keep reading to see what’s in store for this newsletter and beyond! 

⏰ Today’s read: 4 ½ minutes

MARKETS

*Stock data as of last market close; currency, oil and crypto data as of 11:30 PM ET November 27th, 2023.

Economy:  Inflation dipped in October, prompting speculation that the Bank of Canada may have a strong case to begin cutting rates. The Consumer Price Index rose 3.1% in October from a year earlier, down from 3.8% in September. Analysts say the changes were largely driven by gas prices, which dropped 6.4% over the month.

ANNOUNCEMENT

SiteNews launches Talent Thursdays

Construction is powered by people. That’s why SiteNews is launching a second newsletter blast, Talent Thursdays. The weekly email will spotlight everything to do with labour and professional development in construction, including:

• People Moves

• In-person events near you

• Labour stories and stats 

• Top job postings

• Professional development tips

Why do this? Our readers have made one thing clear: they’re hungry for stories and content centred around people. And with labour being one of the top challenges construction faces, we want to be part of the solution.

🚀 Stay tuned for the first issue this Thursday! It contains the launch of our next big industry award.

But if Talent Thursdays isn’t your thing, no problem. You can opt out below and continue to receive your regular SiteNews email. 

THE BIG STORY

Fall Economic Statement focuses on housing

Canada’s fall economic statement is out and features an intense focus on building housing and making life more affordable. 

What’s under the hood: The statement includes plans to unlock billions in financing, repurposing federal lands, establishing a new department, leverage the Canada Infrastructure Bank for home building and fast-tracking construction workers for permanent residency. 

It zeroed in on three main points:

• Building more homes faster.

• Recruiting more construction workers. 

• Supporting renters, buyers and homeowners by cracking down. 

In the red: All this won’t be free. Finance Minister Chrystia Freeland says the government is projected to run a $40 billion deficit. This has prompted some criticism as she promised modest budget deficits. 

What builders think:

• The Canadian Construction Association argued the statement focused heavily on housing investment, but fell short in other important areas including measures to shore up Canada’s trade-enabling infrastructure, modernizing procurement and overhauling immigration. 

• Richard Lyall, Residential Construction Council of Ontario president, said that billion-dollar fixes are being proposed, but the housing supply crisis and affordability issue is a trillion-dollar problem. He called for a “Marshall plan-styled” strategy. 

• Vancouver-based Graham Carter, principal and co-founder of Vertex Developments, said that while new commitments centred on improving affordability and creating more housing/jobs sound good, he was hoping for some direction on interest rates that the real estate sector can rely on and plan for. 

NEED TO KNOW

The week's headlines

🚅 Ontario and Toronto have come to an agreement around infrastructure responsibility after weeks of negotiation. The Gardiner and the Don Valley Parkway will be overseen by the province while the city will be in charge of Ontario Place. Premier Doug Ford says the agreement opens up billions to spend on infrastructure, transit and housing.

🏠 After an intense debate, Winnipeg officials have voted to approve zoning changes to fast-track home construction. Under the new rules, new housing projects can be built without public hearings, including the construction of four units on a single lot and up to four storeys within 800 of frequent transit.

🔥 Canadian researchers have been investigating mass timber fire performance in the nation’s largest and most comprehensive testing to date. Their report shows engineered wood products, such as cross-laminated timber, offer good fire performance comparable to non-combustible materials.

🚗 Ledcor has been awarded the first contract for an eight-phase project that will twin Highway 3 in Alberta. The first phase involves twinning 46 km of Highway 3 between the town of Taber and the hamlet of Burdett. The budget for the phase is $179.7 million.

PROJECT SPOTLIGHT

Scream team

Something electrifying is taking shape in Vancouver. A $9-million rollercoaster is being built at the Pacific National Exhibition. The coaster, recently dubbed “ThunderVolt”, includes 1,200 feet of track and will rise and drop from more than six storeys in the air. Jacob Bros has been working hard completing the forming for station foundation walls, energizing the E-House, continuing miscellaneous civil works and site grading for the project.

PROJECT UPDATES

EllisDon chosen construction manager for FirstOntario Centre reno

Tunnel Boring Machine Anna has arrived in Vancouver for water project

Crew’s break ground on Saanich fire station 

Anthony Henday Drive work completed near Edmonton

WHAT WE’RE TALKING ABOUT

LIST: 🧑‍💻7 Canadian AI companies optimizing construction 

READ: 🚘 New work vehicle? Canada’s first Cybertruck has arrived. 

PHOTOS: 🪵 B.C. wood helped build a futuristic hospital in Japan

READ: ❓ What is Caterpillar? Heavy equipment gets shoutout on Jeopardy

TOP CONSTRUCTION JOBS

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Here’s to a great rest of the week!