🥂 Hindsight 2023

Good morning! 🏗️ Did you miss us? We are recharged after a brief holiday hiatus and ready to catch up on construction news. To start off 2024, check out how the Men’s Shed movement is using tools and projects to battle the epidemic of male loneliness.

⏰ Today’s read: 5 minutes

MARKETS

*Stock data as of last market close; currency, oil and crypto data as of 9:15PM ET January 2nd, 2024.

Economy:  Experts at Oxford Economics believe the economy has already slipped into a recession. They believe economic activity will continue to contract through the mid-year as mounting mortgage renewals push up debt service costs, forcing consumers to pull back on spending.

THE BIG STORY

Out with the old, in with the new

Another year is in the books, but before we surge into the next one, we asked 10 construction leaders their thoughts on 2023. Here’s a summary of what they said: 

Biggest stories of 2023? 

Many cited the rising cost of living and Canada’s lack of affordable housing as one of the defining stories of the year. They also referenced the government’s battle to get inflation under control by raising or maintaining interest rates. Technological advances were also noted.

“The Federal and Provincial Governments are finally listening to the development community and taking steps to address housing supply after years of industry pushing the issue to the forefront.” - Mike Maierle, president ETRO Construction Limited

Biggest construction innovation advancements from 2023?

It comes as no surprise that artificial intelligence was one of the top innovations in construction. More and more companies are finding ways to integrate the technology into their operations. Robotics, low-carbon cement, zoning by-law changes, digital permitting and more were also mentioned. 

“I would say that software, AI, ML, Robotics, and Sensors are going to continue pushing the technology innovation in the industry.” - Dom Costantini, president of BLDR Consulting Corporation 

What are you excited about for 2024?

Leaders are looking to the opportunities stemming from population growth, the growing emphasis on innovation, collaborative business models and the increasing adoption of new technology to get energized about the coming year. 

“There is a lot of exciting infrastructure spending that the construction industry will benefit from based on infinitives being taken by the various levels of government.” - Brandon Bird, CEO, Bird Mechanical 

What are your biggest concerns going into 2024? 

It’s not all puppy dogs and roses. Leaders are concerned about interest rate uncertainty, labour demographics, workforce development challenges, lack of attention from government, uneven risk allocation and high material costs. 

“A significant concern I have is the demographic shift impacting the construction workforce. If not managed effectively, this generational shift could hamper construction activity precisely when it’s most needed.” - Andrew Petrozzi, director and head of Canada research, Newmark Canada

Get the full report

That’s not all the reflections and predictions. There was a ton more that Construction leaders had to say. To get more insight on 2023 and advice on what to watch for in in 2024, read our full article here. 

NEED TO KNOW

The week's headlines

🍄 Researchers at the University of British Columbia are creating various building materials filled with mycelium — the fuzzy-looking network of tiny, pale underground strands, or hyphae, that serve a function similar to plants' roots. They believe the technology could help cut harmful emissions, replace traditional insulation, and regulate indoor temperatures. 

💰One of Canada’s largest real estate deals ever has gone down. TPG, a global alternative asset management firm, and global real estate developer Oxford Properties Group, have announced a $1.3 billion deal. TPG has acquired a 75% interest in Oxford’s two Class-A industrial business parks in the Greater Toronto Area.

🕜 Nova Scotia says it needs more time to prepare for national building code standards. The province says it plans to delay the adoption of new standards after receiving feedback from the public and the construction industry. Officials say more time is needed to educate and train people on the new requirements.

🏗️ B.C.-based developer Mission Group has paused plans for two future high-rise residential projects and let a handful of staff go. The company said rising costs and declining revenue are to blamed.  

PROJECT SPOTLIGHT

Indigenous integration

Squamish officials have approved Tiger Bay Development’s six-acre artificial lagoon project that will create a new surfing destination in the Lower Mainland. The resort will use “Cove” surf park technology that can generate 1,000 waves per hour. Plans also include up to 1,050 homes, including 560 townhouses and 490 apartments, with 150  secured purpose-built rental homes — 100 market rental apartments and 50 below-market rental apartments.

PROJECT UPDATES

Work in full swing at $366 million Caribou Memorial expansion 

Delta officials are concerned about Massey Tunnel project

Bird Construction awarded contracts totalling $530 Million

Nova Scotia planning to rehabilitate the Seal Island Bridge

$11-billion worth of GO Transit work is underway

WHAT WE’RE TALKING ABOUT

PHOTOS: 📸 December SiteViews is here to spread some cheer

READ: ⭕ Hyperloop One’s transit dream comes to an end 

READ: ✈️ Plane carrying construction crew crashes in NWT

STUDY: 💵 Contech sector surpasses $30B in venture capital funding

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Here’s to a great rest of the week!