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Good morning! ⚒️ It’s time to dust those tools off. Construction of Saudi Arabia's Jeddah Tower, set to become the world’s tallest skyscraper, has resumed nearly seven years after halting due to a nationwide anti-corruption crackdown.

⏰ Today’s read: 5 minutes

MARKETS

*Stock data as of last market close; currency, oil and crypto data as of 11:00 PM ET Oct. 14th, 2024.

Economy: A study by Concordia University and Equiton projects that if current trends in population growth and construction continue, average rents in Vancouver could reach $7,750 and in Toronto $5,600 by 2032. Using machine learning to analyze housing, census, and immigration data, the research highlights a critical need for increased housing supply, with projected rents in Vancouver and Toronto rising significantly by 2027. The study suggests a tenfold increase in construction rates to stabilize rents, stressing the role of private sector developers and investors. 

THE BIG STORY

Old is new: Construction materials are circling back

One person’s trash is another person’s construction materials in B.C. A new program on Vancouver Island is connecting businesses with excess construction materials to those in need of affordable resources.

The program is one example of circular construction, an approach to building that aims to minimize waste and maximize resource efficiency by keeping materials and products in use for as long as possible. It has three main goals:

Reduce: Minimizing the use of raw materials and energy in construction.

Reuse: Utilizing existing building components and materials in new projects.

Recycle: Converting waste materials into new resources for construction.

Who else is doing it: Metro Vancouver has introduced a ban on disposing of recyclable construction materials. Toronto is developing a Circular Economy Road Map with a focus on the construction sector. Halifax has a Construction and Demolition (C&D) Waste Diversion Program that encourages the recycling and reuse of materials from construction sites.

Why it matters: Construction, renovation, and demolition (CRD) waste represents one of Canada's most significant solid waste streams. Approximately 4 million tonnes of CRD waste are generated annually in Canada, though this figure could be much higher depending on tracking methods. The construction industry is estimated to consume about 30% of total raw materials extracted globally and generate around 30% of global waste.

NEED TO KNOW

The week's headlines

🚃 Resurrected: The City of Calgary and Alberta’s government have agreed to move forward with Phase 1 of the Green Line LRT project, extending the line from 4th Street S.E. to Shepard. The decision preserves over 700 jobs and maintains shared investments in Calgary’s transit infrastructure. Alberta reaffirmed its $1.53 billion funding commitment, while a revised downtown alignment is being developed.

⚖️ Judgement day: The Supreme Court of Canada has ruled against John Aquino, former president of Bondfield Construction. By clarifying Section 96 of the Bankruptcy and Insolvency Act, the decision strengthens protections for creditors, making it easier to recover funds from executives who misappropriate company assets. Bondfield’s collapse was the largest in Canadian construction history. 

🌊 Here come the waterworks: Regina has approved a $245-million aquatic centre to be built on the former Taylor Field lands, replacing the aging Lawson Aquatic Centre. The new facility will be the city's first indoor pool since 1990. Council confirmed that the city will contribute $139.6 million to the project, with $128 million coming from federal funding. 

🚗 24/7 work day: Rehabilitation work on Toronto’s Gardiner Expressway is four months ahead of schedule, with construction on the 60-year-old highway’s elevated downtown section set to be completed by April 2026, a year earlier than initially expected. The city recently transferred oversight of the expressway to the province to reduce operational costs. They also switched to a 24-7 work schedule. 

COMPETITION

25 Innovators in Construction nominations are open

Back for its second year, the 25 Innovators in Construction award has returned to recognize the groundbreaking companies shaping Canada's construction industry. Nominations are currently open to celebrate the trailblazers driving advancements in robotics, AI, sustainability, workforce development and beyond. Join us in honouring those who are redefining the industry. Winners will be celebrated at an exclusive event and join the ranks of last year's top 25 innovators. Nominations close October 18th, 2024, so don’t wait!

PROJECT SPOTLIGHT

Supporting patients

22-storey Patient Support Centre (PSC) located on The Hospital for Sick Children (SickKids) campus includes an undulating façade, a centrepiece blue ribbon staircase encased in glass, and interdisciplinary education and simulation spaces that will bring physicians, nurses, hospital administration and Foundation employees together in a light-filled environment. Designed by B+H, the project was recently recognized by the CTBUH Annual Awards program.

PROJECT UPDATES

Regina council approves plan for $245M aquatic centre

MLSE shows off Scotiabank Arena upgrades

40-Storey rental tower by Mission Group greenlit for Kelowna 

Westbank sells M2 office building for $115M

Crews discover coal mine under Nanaimo project

Want more? Check out the latest full edition of Project Pulse in the link below.

WHAT WE’RE TALKING ABOUT

READ: 🏠 Has the GTA real estate market bottomed out?

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READ: 💬 Top presidents talk innovation, leadership in Vancouver

READ: 🏗️ Hamilton adopts controversial green building standards

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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.