Economic Archives - constructconnect.com

Greater Toronto home sales jump in October after Bank of Canada rate cuts: board

Daily Commercial News — Tue, 12 Nov 2024 11:00:21 +0000

TORONTO — The Toronto Regional Real Estate Board says home sales in October surged as buyers continued moving off the sidelines amid lower interest rates. The board said 6,658 homes changed hands last month in the Greater Toronto Area, up 44.4 per cent compared with 4,611 in the same month last year. Sales were up […]

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Where are the U.S. construction spending dollars coming from?

Daily Commercial News — Tue, 12 Nov 2024 09:05:28 +0000

Construction industry analysts are often asked about the breakdown of construction dollars spent by the private sector versus the public sector. The Census Bureau’s monthly report makes that question easy to answer. August’s put-in-place construction spending report for the U.S. from the Census Bureau says that the total dollar volume is +7.6% versus the first […]

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Pembina Pipeline seeing increased interest from potential Cedar LNG suppliers: CEO

Daily Commercial News — Fri, 08 Nov 2024 13:58:51 +0000

CALGARY — Pembina Pipeline Corp. says it has seen an uptick in interest from potential long-term contracted natural gas suppliers since making a firm decision to go ahead with the Cedar LNG project. The Calgary-based pipeline company and its project partner, the Haisla First Nation, green-lit the US$4-billion facility in June. Pembina CEO Scott Burrows […]

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Your top JOC headlines: Nov. 4 to 8

Daily Commercial News — Fri, 08 Nov 2024 11:55:56 +0000

Your top JOC headlines this week feature news construction is slated to start on the massive Stanley Park Water Supply Tunnel project; we examine the pros and cons of BC Building Code changes to single egress stairs; business groups highlight the massive impact the B.C. port stoppage will have on the economy; and the Calgary […]

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Your top DCN headlines: Nov. 4 to 8

Daily Commercial News — Fri, 08 Nov 2024 08:55:34 +0000

Your top DCN headlines this week feature news one worker was killed and two others injured in an excavation collapse in Toronto’s North York neighbourhood; provincial engineers are alleging the Ontario government is unlawfully locking them out of work; Chris Gower is named president and CEO of PCL Construction; and a development takes off at […]

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Fraser Valley home sales increase for first time in five months

Daily Commercial News — Thu, 07 Nov 2024 12:10:23 +0000

SURREY, B.C. — The Fraser Valley Real Estate Board is reporting 1,330 sales in October, up 35 per cent from September, and 37 per cent year-over-year. According to a release, new listings declined in October, down five per cent to 3,194, but increased 26 per cent year-over-year. “After waiting it out on the sidelines for […]

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Business groups say B.C. port stoppage will hurt companies, Canadian economy

Daily Commercial News — Tue, 05 Nov 2024 19:16:16 +0000

VANCOUVER — Business groups say the work stoppage at B.C. ports is the latest in a run of supply chain disruptions affecting Canadian companies and the country’s economy.  Employers at most of the province’s ports locked out their workers Monday in a dispute involving roughly 700 unionized foremen. The workers represented by the International Longshore and […]

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Expect Renovation Costs to Further Cool Following Post-COVID Surge

Daily Commercial News — Tue, 05 Nov 2024 19:02:12 +0000

Spending on residential renovation makes up just over a third of total residential construction spending. Because it accounts for this large share of total residential expenditures, Statistics Canada recently introduced a residential renovation price index to track the cost to complete renovation projects in Canada. In the second quarter of this year (the latest available), […]

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CentrePort announces new chair for the board of directors

Daily Commercial News — Tue, 05 Nov 2024 12:00:06 +0000

WINNIPEG — CentrePort Canada Inc. has appointed Shreeraj Patel, vice-president of commercial financial services with Royal Bank of Canada, as chair of the corporation’s private sector-led board of directors. He joined the board in 2022 as the nominee of the Winnipeg Chamber of Commerce and previously held the roles of vice-chair and chair for the finance […]

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Chris Gower named president and CEO of PCL Construction

Daily Commercial News — Mon, 04 Nov 2024 11:30:19 +0000

EDMONTON, ALTA. — Chris Gower has been appointed president and CEO of PCL Construction. Gower is the ninth president and CEO in PCL’s 118-year history and he brings nearly three decades of experience to his new role. He will take over for Dave Filipchuk who held the position for eight years. Gower was previously Deputy […]

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Your top JOC headlines: Oct. 28 to Nov. 1

Daily Commercial News — Fri, 01 Nov 2024 10:55:31 +0000

Your top JOC headlines this week feature news the first of six units has begun generating power at B.C.’s Site C dam; the once abandoned Kitsault town plans to rise again; the BCCA is warning of declining investment in major projects; and B.C.’s NDP win a razor thin majority after several recounts. First of six […]

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BCCA warns of declining investment in major B.C. projects in latest stat pack

Daily Commercial News — Thu, 31 Oct 2024 12:41:04 +0000

VICTORIA, B.C. – The British Columbia Construction Association (BCCA) is sounding the alarm on declining investment in major projects in its Fall 2024 Construction Industry Stat Pack. The industry faces intense pressure to meet the current demand due to persistent workforce shortages, high labour costs and lack of payment certainty. “British Columbia’s construction industry will […]

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