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Good morning! The founder of New England’s largest general contractor is betting big on futuristic tech like AI and robotics. Since 2019, they have invested more than $50 million in construction tech startups. In an interview with Forbes, officials with Suffolk noted that their approach is to augment workers rather than replace them.

⏰ Today’s read: 3 ½ minutes

MARKETS

*Stock data as of last market close; currency, oil and crypto data as of 8:00 PM ET March 18th, 2024.

Economy: Construction investment took a small tumble to start 2024. According to Statistics Canada, investment in building construction declined 0.9% to $19.7 billion in January. The residential sector declined 1.4% to $13.6 billion, while investment in the non-residential sector edged up 0.2% to $6.1 billion. The month's decline in commercial investment for January also represents its seventh consecutive monthly decline.

THE BIG STORY

‘No-go’ zones: Alberta shifts energy strategy

The suspense has ended. After halting large renewable energy project approvals for months, Alberta announced its plans to make large chunks of the province off-limits to renewable energy development. 

Losing sight: After concerns about the impacts and pace of renewable generation development, officials now say they seek to protect the province’s “pristine landscapes” which includes buffer zones where renewable projects can’t be built near heritage sites, national parks and the Rockies. 

Project impacts: A study by the Pembina Institute found that the ban impacts nine projects already awaiting regulatory approval, valued at $1.7 billion, and 33 proposed projects, valued at $9.5 billion. These projects would collectively add 6.3 GW of renewable energy generation to Alberta’s grid. They include Apex MPC Solar Battery ($1B), Atacama MPC Solar Battery ($1B), Kitscoty Wind ($519M), EDF Bull Trail Wind ($895M) and Sweetgrass MPC Solar Battery ($940M). 

Facing criticism: Premier Danielle Smith has faced accusations of hypocrisy over the policy. Opponents argue it unfairly singles out renewables while ignoring the impacts other energy projects have on the environment. At the same time, Premier Danielle Smith has promised to double oil and gas production. 

The future: Smith argued she wants to attract investment and diversify the economy in her Budget 2024 speech. This does the opposite. Given that Alberta (along with Saskatchewan) receives the most sunlight in Canada, is this wasting a golden opportunity? We want to hear your thoughts!

NEED TO KNOW

The week's headlines

🤠 The $500-million BMO Centre Expansion project in Calgary has reached substantial completion, on time and on budget. This required over two million construction hours and contributions from nearly 5,000 tradespeople, including demolition crews, steelworkers, drywall installers, and electrical and mechanical teams.

💵 TC Energy Corporation announced plans to sell its stake in the Prince Rupert Gas Transmission project to Nisga’a Nation and Western LNG. The proposed project is a 900 km natural gas pipeline running from Hudson’s Hope to Lelu Island, near Prince Rupert.

🏠 Vancouver has greenlit rezoning for Skeena Terrace, a 2,000-unit affordable home development. Approximately 66% of the proposed homes will be available at or below the BC Housing-Housing Income Limits. The project would replace the existing development at the site. 

💧 Saskatchewan Premier Scott Moe announced that the province plans to start work on a $1.15-billion project to expand irrigation. The project would increase water availability from the lake for farmers, adding capacity for 36,400 more hectares to be irrigated.

PROJECT SPOTLIGHT

Twinsies

Shovels are officially in the ground for Vienna House, a seven-storey Vancouver housing project designed to push the limits of sustainability. It will be built using mass timber and prefabricated wall, floor, and ceiling components to reduce emissions and reduce the construction project’s landfill waste by 75%. It will also be built to a Passive House green building standard and use electrical appliances and hot water to further reduce emissions.

PROJECT UPDATES

• Gordie Howe bridge has 193 metres to go

• Early work begins on Belleville terminal redevelopment

• Kinder Morgan plans to restart Trans Mountain work this fall

• Funding approved for Port Renfrew Elementary replacement

• Crews break ground on Shuswap (Secwépemc) Healing Centre

WHAT WE’RE TALKING ABOUT

READ: 🏗️ Neom gives update on massive project, The Line

AWARDS: 🎉 The CCA has released its National Award winners list

VIDEO: 🤖 Robots are using speech-to-speech reasoning skills

READ: 🏆 Japanese architect snags industry’s highest honour 

PHOTOS:11 rammed-earth buildings from around the world

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Here’s to a great rest of the week!