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Good morning! Remember when Amazon just sold books? The global tech giant said it is planning its first investment in a Canadian wind farm. The company is part of a larger corporate trend to achieve environmental goals through power purchase agreements.

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⏰ Today’s read: 5 minutes

MARKETS

*Stock data as of last market close; currency, oil and crypto data as of 11:25 PM ET November 20th, 2023.

Economy: Despite quarterly declines, construction spending for September was strong. According to Statistics Canada, investment in building construction increased 5.3% to $18.9 billion in September. The residential sector rose 7.3% to $12.9 billion, and the non-residential sector was up 1.2% to $6.0 billion.

THE BIG STORY

Massive EV investment: Is it worth the cost?

Ontario, Quebec and B.C. are powering up to be major players in the global shift towards electric vehicles. Car and battery manufacturers are spending tens of billions to establish themselves in the North American market and massive government incentives are attracting them to Canada. 

Historic investment: By our count, there are at least seven EV related manufacturing facilities being planned or built in Canada. The largest is Northvolt’s $7-billion facility near Montreal. 

Government support: The investments haven’t been free. So far, the governments of Canada, Ontario and Quebec have announced a combined $37.7-billion in production subsidies and construction support for the three companies. A recent watchdog report suggests the true cost is closer to $43.6-billion. 

Cost/Benefit analysis: Some have suggested the price may be too high and projects have already caused some controversy. Stellantis shutdown work on its $5 billion plant until the support it desired. Critics also say there are signs that foreign workers could benefit from the projects instead of Canadians. 

Keeping power: The opportunity for EVs is massive. Experts predict that by 2030 that EVs could represent around 60% of vehicles sold globally by 2030. Some say this could even be as high as 90% even sooner. But officials must be careful they don’t hand over the keys in their bid to secure Canada’s share of prosperity. 

NEED TO KNOW

The week's headlines

🔋 A $1.05 billion battery production facility is coming to Maple Ridge, B.C. It is being jointly funded by Ottawa, B.C. and Taiwan-based E-One Moli.The facility is expected to produce 135 million batteries annually and be the largest facility of its kind in the country. 

🏠 Ottawa will spend $1.2 billion to build 2,644 rental homes across seven new projects in Toronto, provided as fully repayable low-interest loans through the Rental Construction Financing Initiative.

✍️ B.C. has embarked on a quest to create standardized housing designs for multiplexes. Officials say having these designs available for developers could cut design costs and speed up development. As many as 10 different designs will be developed by next summer. 

⚒️ Skilled labour shortages, particularly in construction and retail, could cost Regina nearly $500 million, says a new report. Economic Development Regina argued that with four people available for every job vacancy on the market, a major skills gap exists between job seekers and employers.

PROJECT SPOTLIGHT

Green on top

Crews are nearly finished with B6, a 32-storey, 534,000-square-foot office tower adding a new shape to Vancouver’s skyline. Owner BentallGreenOak says that the tower is designed to LEED Gold standards, the building is also incorporating Passive House elements, including vertical glass fins to reduce sun exposure, triple glazed glass and a green roof.

PROJECT UPDATES

Seaspan plans to upgrade its Vancouver Drydock infrastructure

Highway 17 repairs pushed back to 2024

TransLink seeks input on proposed Burnaby Mountain gondola 

EllisDon has achieves financial close on 1Door4Care project

WHAT WE’RE TALKING ABOUT

READ: 🏠 Feds consider national crackdown on Airbnb units

PHOTOS: 🐝 Lafarge prepares its bees for the winter 

READ: 🏗️ Komatsu positions itself for battery-powered equipment

PHOTOS: 🌊 This Vancouver megaproject was shelved 110 years ago

READ: ♻️ U.S. announces $2B plan to create clean building materials

HOT JOBS

Project Coordinator, Modular Construction – Remote (Canada) – 720 Modular

720 searching for a Project Coordinator to join their team remotely with the goal of transitioning to a hybrid model. While experience in modular construction is not mandatory, a solid understanding of offsite construction processes and a passion for delivering high-quality projects on time and within budget are key. 

Project Manager, Wood Frame – Vancouver, B.C. – Axiom Builders

Water/Wastewater Engineer – Halifax, N.S. – Dillon Consulting

Senior Estimator – Toronto, Ont. – KAPP Infrastructure

Chief Estimator, Civil Construction – Vancouver, B.C. – EBC

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Here’s to a great rest of the week!