✅ Harris vs Trump

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Good morning! 🚃 Vancouver’s oldest SkyTrain cars are retiring, but that’s not the end of their story. TransLink wants your ideas for where their final home should be and what they should be used for.

⏰ Today’s read: 5 ½ minutes

MARKETS

*Stock data as of last market close; currency, oil and crypto data as of 11:30 PM ET Nov 4th, 2024.

Economy: B.C.’s ports face a major disruption as the BC Maritime Employers Association (BCMEA) locks out 730 unionized supervisors, affecting $800 million in daily trade and impacting supply chains across Canada. The lockout is a response to a strike notice issued by the International Longshore & Warehouse Union’s Local 514 over concerns about automation and staffing cuts at Vancouver’s DP World Centerm terminal. Despite a proposed 19.2% wage increase over four years, union leaders criticize the lockout as a tactic to force federal intervention.

THE BIG STORY

Decision time: Why the U.S. election impacts construction

One of the biggest global superpowers (and our next door neighbour) America is going to the polls today to elect its 47th president. Regardless of your politics, the result will not only impact Americans. Builders across the border could feel it too. 

Trade and tariffs: A Trump victory could mean the implementation of a proposed 10% universal tariff on imports, potentially including Canadian construction materials and equipment. However, even with a democrat win, “Buy American” provisions in legislation like the Inflation Reduction Act could put Canadian companies at a competitive disadvantage.

Cross-border projects: One only needs to look at the fate of the Keystone XL pipeline to understand how U.S. politics can impact major projects that dip across the border. While republicans attempted to fast-track the pipeline, ultimately it was rejected by democrats. If new international pipeline projects were to emerge they would likely face a similar fate by Harris.  

Labour source: The construction industries in Canada and the U.S. are closely interconnected, with workers often moving between the two countries. Trump has run a staunchly anti-immigration campaign and championed protectionist policies while Harris would likely continue current polices. For example, the USMCA agreement (which replaced NAFTA) allows for easier movement of skilled workers in certain professions, including some construction trades. 

Green future: The continuation of the Inflation Reduction Act's (IRA) initiatives under a Harris administration would likely support significant investments in green infrastructure, electric vehicles, and related technologies. We’ve already seen substantial investments in the EV supply chain in response to the IRA, with over $46 billion invested since 2020. This trend could continue, benefiting Canadian construction companies involved in these sectors.

Border buddies: The softwood lumber dispute, cross-border joint ventures, supply chains, Canadian dollar value—the fact of the matter is our fates will always be somewhat tied to the U.S. and the two candidates offer starkly different views for the future. When it comes to international relations, Harris and Trump both intend to protect American interests, but to a much different degree. 

NEED TO KNOW

The week's headlines

🤝 Road contract: The Ontario government has awarded a contract to Miller/Brennan to manage the design, quality control, safety, and delivery of the Bradford Bypass expressway’s west section. Once complete, the Bradford Bypass will enhance connectivity for communities in York Region and Simcoe County, supporting over 2,000 jobs annually during construction and contributing up to $286 million to Ontario’s GDP.

💰 Charges waived: Toronto is moving to waive development charges on new rental housing if developers set aside 20% of units as affordable and maintain them as rentals for 40 years, aiming to address high construction and borrowing costs that have slowed housing projects amid a severe housing shortage. The policy, which includes a proposed 15% property tax reduction for 35 years, could enable 20,000 new rental units but must still gain city council approval.

📊 Crunching numbers: The BC Construction Association’s Fall 2024 report highlights a 5%  decrease in the value of proposed major infrastructure projects since Spring 2024 and nearly a 20% drop over the past five years. BCCA officials noted that the industry struggles with persistent workforce shortages, high labor costs, and payment uncertainties, which are exacerbating difficulties in meeting demand. 

🏠 Sales surge: Despite a challenging real estate market with high home prices and climbing interest rates, National Homes recently sold 70% of its pre-construction townhomes at the 153-unit North Shore development on Burlington’s waterfront. This success comes just days after an interest rate cut and was bolstered by a strategic marketing push, attractive pricing, and the project’s prime urban location near transit and amenities.

TOGETHER WITH SITE TECHNOLOGY

Industrial alliance: Quicktech joins SiteTechnology

SiteTechnology just got a major upgrade. 

The industrial-focused technology partner announced that it has acquired Quicktech, expanding its capabilities to offer a comprehensive, full-stack technology solution that includes advisory services, business applications, data analytics, and managed IT. With nearly 40 professionals now on board, the company aims to cater to mid-market businesses across North America in industrial fields like manufacturing, construction, and distribution.

AWARDS

Last week to nominate ‘Innovators in Construction’

Now is not the time to be shy. 

If you are doing something innovative for Canada’s construction sector, let everybody know about it. SiteNews wants to help the best ideas rise about the noise to help make a difference. That’s why we started the 25 Innovators in Canadian Construction Program. This Friday is the final day to nominate. If your company or a company you know is pushing the industry forward, give us a shout in the link below.

PROJECT SPOTLIGHT

Old Crow soars high

In Old Crow, Yukon, the new Darius Elias Community Centre, designed by Kobayashi Zedda Architects, serves as a landmark of community and cultural connection for the Vuntut Gwitchin First Nation. Clad in durable Kebony wood, the center is shaped in a way that evokes various symbols of Indigenous life, like a caribou trap or snowshoe.

PROJECT UPDATES

Biosolid storage facility wins tribunal decision

Construction work on King Street for TTC begins

Vaughan development site in receivership

Gracorp building new student housing tower in University District

Suspicious fire destroys Edmonton homes under construction

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

WHAT WE’RE TALKING ABOUT

PHOTOS: 🏠 Why Ontario’s biggest mansion sits empty

READ: 🌲 Microsoft is building a mass timber data centre

LIST: 🏠 Ontario announces most influential in real estate

READ: ⚾ Team owner pledges $1B for las Vegas ballpark

REPORT: 🧓 Homebuyers are older than ever

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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.