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Good morning! 🦈 Daymond John, CEO of FUBU and star of ABC’s hit investment reality show Shark Tank, is getting into the construction business. John announced he is now a partner and shareholder with TLC Modular USA Inc. a California modular construction company.

⏰ Today’s read: 4 minutes

MARKETS

*Stock data as of last market close; currency, oil and crypto data as of 8:30 PM ET Sept 9th, 2024.

Economy: Last week the Bank of Canada reduced its benchmark interest rate to 4.25% for the third consecutive time, aiming to boost economic growth and prevent inflation from falling too far below its 2% target. Officials indicated further cuts could follow, as inflation has eased significantly over the past two years, partly due to higher interest rates curbing spending. While the economy saw a modest rebound in early 2024, recent indicators suggest downside risks, with rising unemployment and stagnant GDP in mid-2024. Analysts predict more rate cuts ahead, potentially including a larger half-point reduction if economic conditions weaken further.

THE BIG STORY

Main event: Construction Leaders Forum weeks away

The Construction Leaders Forum, an epic gathering of Canada’s top construction minds, is just weeks away. With the industry facing unprecedented challenges, it can’t come soon enough. 

Here are just some of the critical topics our panelists will be diving into: 

Tech + Talent: Keys to winning: Data suggests the industry could face a recruiting gap of more than 85,000 workers by 2033. How do we attract more people? RARE’s Director of Economic Research Daniel Foch, Procore’s Industry Culture Strategist Yasmeen Tonnos and others will discuss the role technology can play in this crisis. 

Infrastructure and Risk: Material costs for projects are expected to rise by 3-5% in 2024 alone. And that’s just one risk factor major infrastructure projects face. Attendees will hear from Aon’s Director of Infrastructure & Senior Vice President, Construction & Infrastructure Practice Chay DeLorey, Kiewit’s VIce President of Infrastructure, Markets & Strategy, and more about how to keep these projects on time and on budget.

Succession and Legacy: BuildForce Canada forecasts that 156,000 workers are expected to retire from the construction industry between 2022-2027. They are taking decades of experience with them. Panelists include Cooper Equipment President Darryl Cooper, RSG President Lisa Laronde and others will share their strategies to fill this gap. 

While the problems construction faces are great, tackling them together is part of the answer. That’s why we are organizing the Construction Leaders Forum. The gathering will take place Sept. 25 at the Fairmont Royal York in downtown Toronto. Remaining tickets are limited so secure your spot today. 

NEED TO KNOW

The week's headlines

🏠 New standards: B.C. officials have introduced free, standardized designs for duplexes, triplexes, quadplexes, townhouses, and accessory dwellings to streamline multi-unit housing projects. Officials believe local governments and builders can reduce approval times and construction costs by using the designs.

💵 Less green: Calgary Mayor Jyoti Gondek met with provincial officials to discuss the future of the Green Line LRT project after Alberta withdrew its $1.53 billion in funding, pending a realignment of the project due to a $700 million budget increase. The province is seeking engineering expertise for an above-ground alignment, while Gondek urged the province to reconsider its decision.

✍🏼 Resilience report: The Canadian Construction Association (CCA) has released a report highlighting the urgent need for greater investment and stronger policies to protect Canadians and critical infrastructure from the growing threats of climate change. The report stresses the importance of building resilient infrastructure to withstand extreme weather events and support community well-being.

🚽 Bathroom breakthrough: Starting Oct. 1 construction sites in B.C. with 25 or more workers must provide flush toilets, hand-washing facilities, and clean washrooms, significantly improving workplace hygiene and sanitation. The changes follow a three-year advocacy campaign by BC Building Trades and extensive consultations.

PROJECT SPOTLIGHT

High-tech healthcare

Ledcor has been selected as the design-build contractor to lead construction of the new BC Children’s Hospital centre for health complexity. Work is anticipated to begin in spring 2025 and substantial completion is expected by December 2027. With virtual service offerings and dedicated suites for families of sick children, officials say the high-tech facility will be the first of its kind.  

PROJECT UPDATES

St. Paul’s Hospital project tops out at 11 storeys

Amazon opens major office atrium at The Post

The $500M revamped BMO Centre is open for business

$18.3 million in funding secured for Prince Edward County homes

Province breaks Ground on Ontario Line Stations

Twin excavators complete 6.3-km LRT tunneling work

WHAT WE’RE TALKING ABOUT

PHOTOS: ⚡ Hydrogen-powered skyscraper set for Egypt’s new capital

WATCH: 🚛 The hidden engineering behind landfills

LIST: 🪵 10 wood producers powering Canadian construction

DATA: 📊 How much waste is produced by Metro Vancouver construction?

WATCH: 📏 Confessions of a tape measure geek

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Here’s to a great rest of the week!

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