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Good morning! 🏗️ Will today’s excavators and cranes be operating in a century? Vintage pieces of construction equipment, some more than 100 years old, are being put through their paces in Ontario to show the public what the industry used to be like.

⏰ Today’s read: 5 ½ minutes

MARKETS

*Stock data as of last market close; currency, oil and crypto data as of 8 pm ET June 10, 2024.

Economy: The Bank of Canada lowered its key interest rate to 4.75%. It’s the first cut in over two years, signaling a shift in the bank’s monetary policy. Bank of Canada Governor Tiff Macklem cited progress in combating inflation as the primary reason for the move. The decision aligns with recent economic data. Canada's inflation rate has been trending closer to the Bank's target, sitting at 2.7% in April. Core inflation measures, a key indicator for the Bank, have also eased throughout the spring.

THE BIG STORY

In hot water: Calgary’s infrastructure crisis

The City of Calgary is facing a critical water supply shortage due to a major break in the 50-year-old Bearspaw south feeder water main, which moves water across the city. The break occurred on June 5th in the northwest area of Montgomery, causing flooding and road closures.

Feeling the impact: The city is under stage 4 outdoor water restrictions, a boil water advisory is in place for some areas and Calgarians are being urged by officials to halt any non-essential water use. Calgarians have responded by cutting back demand by 9%

Repair work underway: Crews began cutting the damaged pipe on Saturday to remove the compromised sections. Robots will then be sent 100 meters in each direction to assess the condition of the remaining pipe, providing crucial information on what repairs are required. The job is expected to take up to seven days. 

Getting older: The 1970s was considered a golden age for infrastructure investment in Canada, with huge investments made in water systems, highways, and rail during that time period. Most of that infrastructure built in the 1970s is now over 40-50 years old and in need of replacement or major rehabilitation. But infrastructure demand has outpaced investments for decades. 

Invisible but important: Most Canadians don’t think about their city’s infrastructure until it’s not working. Infrastructure owners need to prioritize its assessment and maintenance. Regular checkups and upgrades can prevent major failures. Modernization with smart technologies and collaboration between public and private sectors can improve infrastructure's resilience and sustainability. If a single water main break can bring a major city to its knees, these assets need to be better appreciated. 

NEED TO KNOW

The week's headlines

🤝 Bird Construction has announced plans to acquire B.C.-based civil infrastructure contractor Jacob Bros for $135 million. Jacob Bros’ two shareholders, Scott Jacob, CEO and Todd Jacob, COO, will join Bird to lead the combination of Bird’s Western Infrastructure business and their existing business. The acquisition supports Bird’s M&A strategy of targeting high-performing, culturally aligned, complementary businesses with strong cross-sell opportunities

🚒 St. Anne's Anglican Church, a historic Toronto landmark, was destroyed by fire on Sunday. The church, known for its dome and murals by members of the Group of Seven, was built in 1908 with a unique neo-Byzantine style. The fire has sparked renewed discussions about preserving Canada's heritage sites. The cause of the fire is unknown. 

🚃 SkyTrain has emerged as the frontrunner for a new rapid transit line connecting North Shore and Metrotown, according to a study by the District of North Vancouver. The study evaluated SkyTrain, Bus Rapid Transit (BRT), and Light Rail Transit (LRT) options, and SkyTrain dominated in both ridership and speed.

🤠 Calgary's BMO Centre, a $500 million expansion to the city's convention center, has opened after six years of construction. The visually striking building boasts a focus on gathering spaces and sustainability. Despite challenges like rebuilding during the pandemic, the project came in on time and budget. The BMO Centre is expected to boost Calgary by being the nation’s largest convention centre. 

CORPORATE UPDATES

Business moves

Business Moves is a new regular feature from SiteNews that collects all the major corporate announcements impacting Canadian construction in one place. Here is a link to our first full edition. Reply to this newsletter to let us know if you want more content like this.

Ontario Power Generation (OPG) and Stellarex Inc, a Princeton University fusion energy spinout, have signed a Memorandum of Understanding (MOU) to explore the development and deployment of fusion energy in Ontario.

Construction software company Nemetschek Group has acquired GoCanvas, a provider of software for field workers in construction and related industries. GoCanvas's digital tools help with tasks like inspections, data collection, and replacing paper workflows. This acquisition will strengthen Nemetschek's position in the US market and give GoCanvas a boost in Europe and Asia. 

The Climate Smart Buildings Alliance, a joint project between EllisDon, RBC, and Mattamy Homes announces the Responsible Buildings Pact, a new cross-industry agreement aimed at increasing the use of low carbon materials in the built environment. The Pact was formally launched today at the Canada Green Building Council’s Building Lasting Change conference in Toronto with the first 23 signatories committing to support the first year of the collective industry effort. 

Southwest Contracting, in a groundbreaking joint venture with Musqueam First Nation members, has announced it is seeing great success with siyeýe Contracting. The pioneering initiative aims to set new standards in both the construction industry and reconciliation efforts in Canada.

AWARDS

40 Under 40: Time to nominate is running out

If you have someone who deserves recognition as one of Canadian construction’s outstanding young leaders, don’t waste any time.

The Top 40 Under 40 in Canadian Construction awards program, one of the most prestigious awards programs in the industry, is searching for nominees. Nominations are only open until June 18 so the clock is ticking. Submit yourself or one of your peers through the link below.

PROJECT UPDATES

Enbridge Inc. proposes BC pipeline expansion

School expansion planned for Langley 

Northlander rail infrastructure work to begin this summer

One Delisle skyscraper project issued permit by Toronto

Montreal City Hall reopens its doors after delays

WHAT WE’RE TALKING ABOUT

LIST: 🏗️ 9 massive developers reshaping Canada’s cities

READ: 🖥️ How to build an AI data centre

PHOTOS: 🏠 Inside Kanye West’s crumbling, abandoned real estate

READ: 🔌China plugs in world’s biggest solar farm

PHOTOS: 🌿 See the world’s first 3D-printed, 100%-bio home

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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.