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Good morning! ⚔️ One of ancient Rome’s oldest roads is now officially a World Heritage site. More than 800 km long, the Via Appia was built in 312 B.C. At the time it was an engineering marvel for road construction, ensuring Roman armies could travel in all weather conditions.

⏰ Today’s read: 6 minutes

MARKETS

*Stock data as of last market close; currency, oil and crypto data as of 8:30 PM ET July 29th, 2024.

Economy: The Bank of Canada has reduced its benchmark interest rate to 4.5% for the second consecutive time, signaling a focus on downside risks to economic growth and setting the stage for further cuts. This decision comes as inflation has slowed considerably due to improved global supply chains, economic stagnation, and previous high interest rates curbing consumer spending. Despite pockets of inflationary pressure, such as rising rents and mortgage payments, the central bank says it is confident that conditions are right for inflation to stabilize around its 2% target.

THE BIG STORY

Has the EV building boom lost its spark?

As the global EV market has entered a period of decline, billions of dollars in construction investment hang in the balance. 

Out of juice: Belgian company Umicore announced this month it is delaying its planned $2.8-billion battery-materials manufacturing plant in Loyalist, Ontario, due to declining revenues and diminished demand projections for its battery materials.

Reevaluation: Recently Swedish battery maker Northvolt also stated it was embarking on a strategic review of its activities, new EV battery plant development timelines and capital allocations. However it stated plans to build a $7B facility in Quebec remain unchanged. 

Massive investment: The decline comes at a bad time for Canada. Between Honda, Northvolt, Ford, Stellantis, Volkswagen, GM and others, more than $50B in construction work has been planned to build EV supply chains in Ontario and Quebec. 

Why it’s down: Firstly, there are rising concerns about EV capital costs due to significant depreciation in used EV prices. Secondly, political uncertainties, with numerous elections this year, are creating an unclear future for government policies that impact the EV industry. Lastly, a shortage of rapid-charging infrastructure is emerging as a significant barrier, leading to increased consumer concerns.

Still charging: Despite challenges, there are still significant opportunities in the EV sector. Investment potential remains strong in automakers with robust balance sheets and diverse powertrain options, including hybrid cars, which continue to see accelerated sales. As the pursuit of carbon neutrality continues, the demand for EVs is expected to grow gradually.

NEED TO KNOW

The week's headlines

🚒 Parks Canada officials confirmed that around 30% of Jasper, Alberta’s structures have been damaged by recent wildfires. They noted that 358 structures within the town have been completed destroyed. However, all critical infrastructure was successfully protected.

🏠 The federal government has announced over $197.2 million in funding through the Affordable Housing Fund (AHF) to support the construction and repair of 4,910 affordable homes in Vancouver. This includes $22.8 million allocated to the Ashley Mar Housing Co-operative for replacing 54 townhomes with a new building of 125 homes near the Marine Drive Canada Line station.

✍️ Provincial legislation in British Columbia aimed at updating outdated zoning rules to facilitate the creation of small-scale multi-unit homes, such as row homes, triplexes, and townhouses, has been adopted or is soon to be adopted by nearly 90% of communities.

⚡ Fortescue Minerals Group is scaling back its green hydrogen ambitions, which includes delaying its $2 billion green hydrogen and ammonia plant project in Prince George. The project, known as the Coyote Project, faced skepticism due to its enormous power requirement of 1,000 megawatts, nearly the full capacity of the Site C dam.

TOGETHER WITH SITE TECHNOLOGY

Helping the industrial sector go digital

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PROJECT SPOTLIGHT

Staying dry

The City of Calgary has commenced construction on a permanent flood barrier in Sunnyside to mitigate future flooding in the vulnerable communities of Sunnyside and Hillhurst. The $50-million project will consist of permanent flood walls, sheet walls, and temporary deployable systems.

PROJECT UPDATES

Alliance Francaise cultural centre reaches completion

Gracorp Proposing 34-storey tower at Granville Station

South Niagara Hospital reaches one-year construction milestone

Amexon looks to the future of transit-oriented living with Central Park

Yukon government stepping in to build 'safety berm' 

WHAT WE’RE TALKING ABOUT

WATCH:⌛ Timelapse shows Gardiner Expressway progress

READ: 💣 Why deconstruction is better than demolition 

WATCH: 🪵 This block of wood is worth $4,000

READ: 🏗️ Prefab building tips from top experts

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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.