Canada's construction news
Ontario construction stakeholders are praising new infrastructure initiatives announced by Finance Minister Peter Bethlenfalvy Nov. 2, especially the proposed launch of a new Ontario Infrastructure Bank.
“Such a bank can be an excellent catalyst for the construction of new housing, roads and energy infrastructure to support our growing population.” The finance minister told the legislature the infrastructure bank would leverage investments by public-sector pension plans and other Canadian institutional investors.
Both statements indicated their executives welcome opportunities to discuss new projects with the government. Ontario Sewer and Watermain Construction Association executive director Patrick McManus stated the largest barrier impeding the housing supply chain was getting water, sewer and stormwater infrastructure built.
Cunningham also addressed the government’s new fiscal reality, which includes a deficit projection of $5.6 billion this year, up $4.3 billion from the outlook published in the 2023 Budget.The government’s economic forecast is “directionally realistic and we’re in for a rough patch,” Cunningham added. “But considering these circumstances, the industry did pretty well.”
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