🏗️ Mind the gap

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Good morning! 👷‍♂️ A Calgary man was dared to restore a 1900s hotel. After the challenge was issued by his wife, he has spent the past four years restoring the 120-year old Irricana back to its former glory. He hopes to open the first floor this year as a bar and cafe.

⏰ Today’s read: 4 minutes

MARKETS

*Stock data as of last market close; currency, oil and crypto data as of 12:40 AM ET March 26th, 2024.

Economy: Canada’s annual rate of inflation drew attention from economists as it dropped to 2.8% in February. Experts say the sudden shift could increase pressure on the Bank of Canada to start lowering interest rates sooner than expected. Rather than dip, most analysts had expected it to rise to 3.1%.

THE BIG STORY

Closing our national infrastructure gap

The Canadian Construction Association (CCA) is calling on the Federal government to address the growing gap between housing construction target and infrastructure investment. 

CCA speaks out: In an op/ed piece for the Globe and Mail, CCA President Mary Van Buren stressed that the 5.8 million homes Ottawa plans to build also need roads, bridges, clean water, electricity and waste management to function. She called for officials to make good on old promises of a National Infrastructure Assessment (NIA), and a comprehensive, long-term (25-year) plan for infrastructure investment.

Reading the data: According to a report by the Federation of Canadian Municipalities, each new housing unit could require $107,000 in public infrastructure investment. This amounts to a total of $620B in new public funding needed to produce workable housing, which Van Buren says far outstrips currently projected investments of $245-billion.

Benefit of the doubt: Van Buren pondered if the lack of investment was an oversight, political gamesmanship or even willful ignorance. In fairness to government, construction costs have skyrocketed in recent years and labour is scarce. But with high immigration targets, the problem isn’t going to solve itself. 

The time is now: The best time to invest is years ago, but the second best time is now. Roads, bridges, water infrastructure projects and more can take years to plan. Some are calling for a revival of the Investing in Canada Infrastructure Program. The good news is Infrastructure Canada’s recent announcement to formally launch the long-awaited NIA program. This could become a powerful resource for infrastructure planners and developers and pave the way for smart infrastructure investments.

NEED TO KNOW

The week's headlines

🏗️ Saskatchewan plans to invest an all-time high $4.4 billion in capital projects to support schools, healthcare, roads, power facilities and more. This includes nearly $1.9 billion in capital projects across executive government and approximately $2.6 billion in capital projects by the province’s commercial Crown corporations.

💰 Keep an eye out for Ontario’s provincial budget which is set to be released today. Premier Doug Ford says it will be balanced in its approach to key priorities, such as infrastructure and housing. However, officials have warned that the budget is not expected to eliminate deficit spending in the coming fiscal year, as the province faces growing economic uncertainty.

🎻 Alberta announced it will contribute $103 million toward the overhauls of Arts Commons and Olympic Plaza — overlapping projects that Premier Danielle Smith said will help breathe new life into Calgary’s downtown, as well as Alberta’s arts scene.

🚃 The Ontario government has announced the next steps in the construction process for the Eglinton Crosstown Extension (ECWE), officially issuing the Request for Qualifications for the design and construction of seven stations along the major transit line.

PROJECT SPOTLIGHT

Something old, something new

Officials have revealed the design of the revitalized New Brunswick Museum. It includes an accessible main entrance, a multi-storey public great room, nine exhibition galleries, and flexible spaces designed for educational programs, community events and public gatherings. The $108-million project has gone through 44 iterations over the past 50 years. The new 134,000-square-foot building is expected to reduce greenhouse gas emissions by 32%.

PROJECT UPDATES

WHAT WE’RE TALKING ABOUT

LIST: 📸 SiteViews has the best construction shots from March

VIDEO: 🦅 Fly over the Broadway Subway project

READ: ♻️ Is giant bamboo the future of sustainable construction?

WATCH: 🏙️ Legendary architect talks skyscrapers

READ: 🌲 ‘Augmented wood’ and its role in tomorrow’s buildings

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Here’s to a great rest of the week!