Category: Economy

Key Takeaways:

• Teck and Anglo American will merge to form Anglo Teck, headquartered in Vancouver, which will rank among the world’s top five copper producers with more than 70% copper exposure.
• The merger is expected to generate US$800 million in annual synergies within four years and an additional US$1.4 billion in annual EBITDA from 2030–2049 through expanded Chilean copper production.
• Anglo Teck has committed $4.5 billion in Canadian investments over five years, including life-extension and critical-minerals projects, while maintaining jobs and honouring Indigenous agreements.

The Whole Story:

Teck Resources Ltd. and Anglo American PLC have agreed to merge in an all-share, at-market transaction that will create “Anglo Teck,” a Canada-headquartered mining company the partners say will be a top-five global copper producer with more than 70% exposure to the metal.

Under the arrangement, each Teck class A common share and class B subordinate voting share will be exchanged for 1.3301 Anglo American ordinary shares. Eligible Canadian Teck shareholders may elect exchangeable shares in a Canadian subsidiary with the same economic and voting rights. On closing, Anglo American shareholders are expected to own about 62.4% of Anglo Teck and Teck shareholders about 37.6 per cent.

Anglo American’s board intends to declare a special dividend of about US$4.5 billion (approximately US$4.19 per share) to its shareholders ahead of completion, subject to customary conditions.

The companies said the combined group will be headquartered in Vancouver with corporate offices in London and Johannesburg. Duncan Wanblad will serve as chief executive, Teck’s Jonathan Price as deputy CEO, and John Heasley as chief financial officer. Sheila Murray is to chair the board. Each company will nominate half of the non-executive directors.

Anglo Teck is expected to list in London as its primary market and maintain listings on the Johannesburg and Toronto stock exchanges. A New York presence is planned via American depositary receipts, all subject to exchange approvals.

The partners said the merger is backed unanimously by both boards and is expected to close in 12 to 18 months, pending shareholder, court and regulatory approvals, including under the Investment Canada Act and competition reviews in several jurisdictions.

The companies forecast pre-tax recurring annual synergies of about US$800 million by the end of year four after closing, with roughly 80 per cent realized by the end of year two. They also outlined additional average pre-tax annual underlying EBITDA uplifts of about US$1.4 billion from 2030 to 2049 by optimizing two adjacent Chilean copper operations, Collahuasi and Quebrada Blanca, working with joint-venture partners. That integration is expected to add about 175,000 tonnes of potential annual copper production over that period.

Anglo Teck’s copper portfolio will include Collahuasi and Quebrada Blanca in Chile, Quellaveco and Antamina in Peru, Los Bronces in Chile and Highland Valley Copper in B.C. The group will also retain premium iron ore operations in South Africa and Brazil and the Red Dog zinc mine in Alaska, along with Teck’s Trail metallurgical complex in B.C.

As part of commitments offered under the Investment Canada Act, the companies said Anglo Teck will keep its global headquarters in Canada, maintain Canadian employment levels with no net reduction tied to the merger, and invest at least C$4.5 billion over five years. Planned spending includes the Highland Valley Copper life-extension project, upgrades at Trail — including potential increases in germanium and other critical-minerals output — and advancing copper projects such as Galore Creek and Schaft Creek in northwestern B.C. The group also plans at least C$300 million for Canadian critical-minerals exploration and technology and will honour existing agreements with Indigenous governments, communities and unions.

Anglo American said it remains committed to its portfolio simplification, including separating De Beers and completing planned divestitures of steelmaking coal and nickel.

Teck separately noted it is conducting a comprehensive operations review to conclude by October 2025 and continues to advance a “QB Action Plan” at Quebrada Blanca to support a return to full production.

Key Takeaways:

• Ottawa is creating a new Major Projects Office to accelerate approvals for housing, energy and industrial developments, while Build Canada Homes will aim to double the pace of residential construction over the next decade.
• A new Buy Canadian policy will require federal projects and Crown corporations to prioritize local suppliers, creating stronger demand for Canadian-made materials and services.
• Expanded loans for small and medium-sized firms, a $5-billion Strategic Response Fund, and reskilling programs for 50,000 workers are designed to give the construction and development sector more capital and skilled labour to deliver projects.

The Whole Story:

Prime Minister Mark Carney has announced a sweeping package of measures designed to insulate Canadian workers and industries from mounting U.S. tariffs and a rapidly shifting global trade order.

The plan, billed as the most comprehensive suite of trade resilience measures in Canadian history, aims to reduce Canada’s reliance on the United States by strengthening domestic industries, boosting consumer demand at home and broadening international partnerships.

Speaking Thursday in Ottawa, Carney said the world economy has entered a period of profound disruption, with the United States retooling its trade relationships in ways that have shaken global supply chains and injected uncertainty into investment decisions.

“We cannot control what other nations do. We can control what we give ourselves – what we build for ourselves,” Carney said. “Canada is building the strongest economy in the G7, one that is less reliant on foreign powers and more resilient in the face of global shocks.”

$5B response fund and new reskilling package

The centrepiece of the announcement is a new $5-billion Strategic Response Fund that will provide flexible financing to firms in industries hit hardest by tariffs. The government says the money will help companies retool their production lines, diversify their products and expand into new markets.

Workers are also a key focus of the package. Ottawa will launch a reskilling program for up to 50,000 Canadians, extend Employment Insurance benefits for those facing layoffs, and create a digital jobs and training platform with private-sector partners to connect people with new career opportunities.

Jobs Minister Patty Hajdu said the initiatives are aimed at ensuring Canadians can adapt to a rapidly evolving economy. “Canadian workers are the foundation of our economic strength,” she said. “By investing in skills, training, and resources, workers will be ready to adapt to today’s challenges and lead in tomorrow’s economy.”

Buy Canadian policy and business support

The government is also introducing a new Buy Canadian Policy that will require federal departments and Crown corporations to prioritize domestic suppliers. Where Canadian suppliers are unavailable, the policy will mandate local content requirements and extend similar standards to federal funding streams.

Procurement Minister Joël Lightbound said the approach will help secure Canadian supply chains and spur growth. “Through the new Buy Canadian Policy, we are leveraging our purchasing power to strengthen domestic supply chains and drive prosperity,” he said.

Small and medium-sized businesses will see the maximum loan size through the Business Development Bank of Canada rise to $5 million. Larger firms will gain access to more flexible financing through a revamped Large Enterprise Tariff Loan Facility.

For the auto industry, Ottawa is offering temporary relief by waiving Electric Vehicle Availability Standard requirements for 2026 model-year vehicles and launching a 60-day review aimed at cutting costs.

Fast-tracking major projects

In addition to immediate support, the government announced the creation of a Major Projects Office intended to fast-track “nation-building” infrastructure projects. Officials said the office will be central to speeding up approvals for housing, energy and industrial developments that are key to Canada’s long-term resilience.

Future initiatives will include a Defence Industrial Strategy, a new Trade Diversification Strategy and the launch of Build Canada Homes, a government entity tasked with doubling the pace of residential construction over the next decade.

Industry Minister Mélanie Joly described the moves as a turning point. “Canadian industry is the backbone of our country’s economy,” she said. “Our government is investing strategically in our workers and our industries to build the most resilient economy in the G7.”

Responding to U.S. tariffs

The measures come as Canada faces mounting pressure from a wave of U.S. tariffs and trade disputes that have touched sectors ranging from steel and softwood lumber to agriculture and autos.

Dominic LeBlanc, minister responsible for Canada-U.S. trade, said the government will not hesitate to act when Canadian interests are threatened. “Our government understands the uncertainty and concerns many Canadians are feeling as a result of the tariffs imposed by the U.S.,” he said. “That is why we remain committed to continue using every tool at our disposal to support Canadians and Canadian businesses.”

Finance Minister François-Philippe Champagne echoed that message, saying the plan will give companies the resources to withstand global turbulence. “These measures will ensure businesses have the liquidity to adapt, workers have the skills to lead, and our economy is built to thrive in a more self-reliant, diversified future,” he said.

Building strength at home

Carney said the government’s goal is to ensure Canadian prosperity is not overly dependent on any one trading partner. “In the face of uncertainty around the world, we are ensuring that our workers and businesses will prosper by building Canada’s strength at home,” he said.

While Canada continues to maintain what officials describe as the “best deal” of any U.S. trading partner, Carney said the country cannot afford to assume that relationship will remain stable. Instead, he argued, the economy must be built on the “solid foundation of strong Canadian industries, robust domestic demand and diverse trade partnerships.”

With global uncertainty discouraging private-sector investment, Carney said Ottawa had no choice but to step in with major public support. “By supporting our workers and industries, we will build Canada strong,” he said.

Key Takeaways:

• Bird Construction is acquiring Fraser River Pile & Dredge (FRPD) for $82.3 million, a move expected to close in late 2025 pending regulatory approval.
• FRPD brings over a century of expertise in marine construction, dredging, land foundations and environmental remediation, strengthening Bird’s infrastructure portfolio and expanding its self-perform capabilities.
• The deal is expected to boost Bird’s adjusted earnings per share by about 7%, with further growth potential from cross-selling opportunities and operational synergies.

The Whole Story:

Bird Construction Inc. has struck a deal to acquire Fraser River Pile & Dredge (FRPD), Canada’s largest marine infrastructure, land foundation and dredging company, in a transaction valued at $82.3 million.

The acquisition, announced Wednesday, is expected to close in the fourth quarter of 2025, pending regulatory approval under the Competition Act and other customary conditions.

Headquartered in New Westminster, B.C., FRPD was founded in 1911 and employs more than 300 people. The company is the leading provider of marine construction and dredging services in Canada and is also active in land foundation work and marine environmental remediation. Its operations are divided into two business lines: construction and dredging.

The construction division is primarily marine-focused but has also expanded into land foundations, supported by specialized equipment and skilled personnel. The dredging division, meanwhile, maintains shipping routes in the lower Fraser River for the Vancouver Fraser Port Authority and has carried out complex dredging projects in the North.

Bird said the purchase will strengthen its infrastructure portfolio by adding national marine construction and land foundation expertise, while also enhancing profit margins through more specialized, self-performed work. On a pro forma basis, FRPD is expected to generate about $160 million in revenue and $20 million in adjusted earnings before interest, taxes, depreciation and amortization (EBITDA).

“This acquisition is expected to be a catalyst for future growth,” Bird president and CEO Teri McKibbon said in a statement. “FRPD’s expertise complements Bird’s ability to deliver complex projects across industrial, infrastructure and building sectors.”

FRPD president and CEO Sarah Clark said joining Bird marks “a pivotal part” of the company’s 115-year history. “We look forward to leveraging our combined strengths to create additional opportunities across our client bases,” she said.

Bird plans to finance the deal with a new term debt facility. The company also amended its syndicated credit facility, extending its maturity to 2028 and replacing existing term loans with a $215.6-million loan that will help cover the acquisition and other debt repayments.

Bird said the transaction is expected to boost adjusted earnings per share by about seven per cent on a full-year basis compared with 2025 consensus estimates, with potential for further growth through cross-selling opportunities and operational synergies.

The move follows another major acquisition from mid-2024. Bird Construction completed its acquisition of Jacob Bros Construction for approximately $135 million. The deal—consisting of roughly $97.2 million in cash, $38.1 million in equity (via 1.49 million common shares), and the assumption of equipment debt—was finalised on August 1, 2024. Bird’s purchase of the Surrey, B.C.–based civil infrastructure specialist, with over 350 employees, immediately enhanced its scale and diversification in Western Canada’s high-demand infrastructure market.

Key Takeaways:

• The federal government has launched a new Major Projects Office (MPO), headquartered in Calgary, to streamline approvals and accelerate construction of large-scale infrastructure projects such as ports, railways, and clean energy initiatives.
• The MPO aims to cut project approval timelines to two years or less, using a “one project, one review” approach in partnership with provinces, territories, and Indigenous communities.
• Dawn Farrell, former Trans Mountain and TransAlta CEO, has been appointed to lead the office, which will also establish an Indigenous Advisory Council and expand financing tools, including the Indigenous Loan Guarantee Program.

The Whole Story:

Prime Minister Mark Carney has unveiled a new federal agency aimed at cutting red tape and accelerating the development of major infrastructure projects across Canada.

The Major Projects Office, headquartered in Calgary with satellite offices planned for other cities, will act as a single point of contact for companies and governments pursuing large-scale projects such as ports, railways, energy corridors, critical mineral developments and clean energy initiatives.

Carney said the office will streamline environmental and regulatory reviews, with the goal of reducing approval timelines for nationally significant projects to no more than two years. Ottawa also plans to work with provinces and territories to implement a “one project, one review” approach for environmental assessments.

The office will also help structure and co-ordinate financing, drawing on private investment, provincial and territorial partners, and existing federal tools such as the Canada Infrastructure Bank, the Canada Growth Fund and the Indigenous Loan Guarantee Program.

Dawn Farrell, former head of Trans Mountain Corporation and TransAlta, has been appointed the office’s first chief executive officer. Farrell, who brings four decades of energy sector experience, is expected to play a central role in advancing projects and navigating regulatory processes.

An Indigenous Advisory Council, with members from First Nations, Inuit, Métis and modern treaty partners, will be established next month to guide the office’s work. The federal government has also committed $40 million over two years to help Indigenous communities engage in the review process, and has expanded the Indigenous Loan Guarantee Program to $10 billion.

Carney said the initiative builds on the Building Canada Act, passed in June, which created a framework for accelerating projects deemed in the national interest.

“For too long, projects have been stalled by arduous approval processes, leaving enormous investments on the table,” Carney said in Ottawa. “We are moving at a speed not seen in generations to build ports, railways, energy grids – the projects that will unlock Canada’s full economic potential.”

The government said the first slate of projects to be advanced under the new system will be announced in the coming weeks.

Key Takeaways:

• The Nisga’a Nation, Tahltan Nation and Arrow Transportation are jointly acquiring the Port of Stewart Bulk Terminal and consolidating regional trucking operations under a new partnership.
• The deep-sea terminal is a key export point for copper and gold concentrate from northwest B.C.’s mining sector, including Newmont’s Brucejack and Red Chris mines, and currently operates at about half capacity.
• The deal gives the Indigenous nations equal ownership and control over major regional infrastructure, backed by a $5-million provincial grant and support from Newmont, marking a significant step in advancing Indigenous economic sovereignty and participation in Canada’s critical minerals supply chain.

The Whole Story:

The Nisga’a Nation and Tahltan Nation are joining forces with Arrow Transportation Systems Inc. to acquire the Port of Stewart Bulk Terminal, a deep-sea shipping facility in northwestern British Columbia that serves as an export hub for critical minerals.

The three groups have formed Portland Canal Holdings Limited Partnership, which has signed a binding agreement to purchase Stewart Bulk Terminals Ltd., the owner and operator of the facility. The deal is expected to close in the coming months, subject to regulatory approvals and other customary conditions.

The joint venture will also consolidate Arrow’s Stewart trucking division with the Tahltan-Arrow Transportation Limited Partnership, which already hauls bulk commodities in Tahltan Territory. Together, the new entity will control both port and trucking operations through separate subsidiaries, with each partner holding equal ownership, board representation and profit rights.

“This acquisition of a strategic asset will drive economic growth, create opportunities and strengthen our Nations’ self-determination,” said Kerry Carlick, president of the Tahltan Central Government. “I can only imagine how proud our Tahltan and Nisga’a ancestors would be.”

Nisg̱a’a Lisims Government president Eva Clayton said the partnership allows the Nisga’a Nation to help manage an important piece of infrastructure within its territory. “This represents an opportunity for the Nisga’a Nation to be involved in efficiently operating and expanding an integral asset in a way that is environmentally responsible,” she said.

Arrow executive vice-president Tim Bell said the deal creates a vertically integrated supply chain that will improve efficiency and safety. “By consolidating the port terminal and our regional trucking operations, we are creating long-term, high-quality jobs while advancing economic reconciliation and unlocking generational opportunities,” he said.

The Port of Stewart sits on six acres at the northern tip of the Portland Canal and is fully permitted as a deep-sea shipping terminal. It was originally designed to provide export access for copper concentrate and has operated under private ownership since 1994, most recently by the Soucie family. The facility currently employs six full-time staff and handles about 260,000 tonnes of copper and gold concentrate a year — about half its rated capacity.

The terminal is a critical link for the mining sector in B.C.’s mineral-rich northwest, where more than 50 per cent of the province’s exploration activity takes place. Current customers include Newmont’s Brucejack and Red Chris mines, both located within Nisga’a and Tahltan territories.

Provincial officials have framed the transaction as part of B.C.’s “Northwest Strategy,” which aims to balance mining development with reconciliation and conservation. The province has provided a $5-million grant to support the purchase.

“This joint venture is a great example of what can be achieved when you see an opportunity and work to make it a reality,” Premier David Eby said. “It furthers reconciliation and creates good jobs while demonstrating how British Columbia will become Canada’s new economic engine.”

Mining and Critical Minerals Minister Jagrup Brar said the investment will strengthen export capacity and support industrial growth in the northwest. “This contribution advances reconciliation through meaningful economic inclusion and partnership,” he said.

Newmont, one of the largest mining companies operating in the region, is also backing the deal. Abdul Rahman Amoadu, managing director for the company’s Africa and Canada business unit, said Newmont’s support goes beyond exporting minerals. “It involves empowering our First Nation partners in owning the infrastructure that will define the region,” he said.

For both the Nisga’a and Tahltan Nations, the acquisition represents a long-sought opportunity to play a larger role in managing resource infrastructure on their territories. Tahltan leaders described it as another step toward economic sovereignty. “Generations of Tahltans have expressed their desire for greater control over the resources within our Territory,” said Chief Richard (Rocky) Jackson of the Tahltan Band.

With new ownership in place, the partnership says it plans to optimize use of the port, expand services, and help unlock economic opportunities tied to critical minerals development in northwestern B.C., Canada and beyond.

Key Takeaways:

• Canada will add about 2.5 million housing units by 2035, but an additional 690,000 units are needed to close the national housing gap — requiring 3.2 million completions in total.
• To meet that target, the country would need to build an average of 290,000 homes per year, surpassing the record 276,000 completions of 2024 for 11 consecutive years.
• Suppressed household formation — people delaying moving out due to affordability challenges — is projected to reach 714,000 by 2035, underscoring the depth of unmet demand in the housing market.

The Whole Story:

Canada will fall well short of the housing it needs by 2035, according to a new report from the Parliamentary Budget Officer.

The analysis projects that while 2.5 million new homes are expected to be built over the next decade, an additional 690,000 units would be required to close the housing gap and restore vacancy rates to historical norms.

That means Canada would need 3.2 million net new homes by 2035 — an average of 290,000 completions annually. Meeting that target would require builders to surpass the record 276,000 completions of 2024 every year for 11 straight years.

“Based on our estimates, the projected pace of construction will not be sufficient to eliminate the housing gap,” the report stated.

The PBO defines the gap as the number of homes required to meet demographic demand, account for “suppressed” household formation — people delaying moving out due to affordability — and return the vacancy rate to its 2000–2019 average of 6.4 per cent. The office projects that suppressed household formation alone will reach 714,000 by 2035.

The report comes as Ottawa faces mounting pressure over the housing crisis. Immigration policy changes introduced last year will slow household formation, but even with completions running above average, supply will not keep up with underlying demand.

The findings also highlight differences with Canada Mortgage and Housing Corp., which earlier this year pegged the housing shortfall at 2.6 million units. CMHC’s calculation is tied to affordability goals, while the PBO’s is based on balancing supply and demand through vacancy rates.

The budget officer cautioned that simply building more homes will not be enough to address affordability pressures everywhere. Regional disparities, income growth, interest rates and the types of homes built will also play a role in determining how effective new supply is at easing the crisis.

Key Takeaways:

• ITC Construction Group has acquired Farmer Construction, expanding its presence in B.C. and strengthening its reach into the Vancouver Island market.
• Farmer Construction, founded in 1951, will continue operating under its existing leadership and staff while gaining access to ITC’s resources and support.
• ITC says the acquisition reflects its strategy of “growing with purpose” by partnering with companies that share its values of quality, integrity and community-building.

The Whole Story:

ITC Construction Group has acquired Farmer Construction, a long-standing Vancouver Island builder with more than 70 years of experience in the industry.

The deal expands ITC’s footprint in B.C., where it specializes in high-rise residential and mixed-use developments. Farmer, founded in 1951, is known for its commercial, institutional and residential projects across the Island.

ITC president Brad Burnett said the move reflects the company’s focus on “growing with purpose” and aligning with firms that share its values.

“Farmer Construction has a remarkable legacy, we are honoured to be able to support their mission and growth into the future,” he said in a statement.

Farmer will continue to operate under its current leadership and staff, while gaining access to ITC’s resources and support. Both companies emphasized that the acquisition will provide continuity for clients while creating opportunities for expansion.

Founded in 1983, ITC has delivered numerous high-rise and mixed-use projects in B.C. and beyond, and has emphasized sustainability and community-focused construction through its Building Communities initiative.

The acquisition is part of ITC Group’s recent expansion initiatives, including the opening of a Toronto office and the integration of a team in Victoria, complementing its existing presence in Vancouver, Calgary and Edmonton. With over 70 years of experience, Farmer will enhance ITC Group’s ability to deliver large-scale projects across Western Canada.

Farmer Construction boasts a portfolio of remarkable and award-winning projects. They led the development of the Poet’s Cove Resort on Pender Island, earned acclaim for their innovative FP Innovations wood-laboratory at UBC, and restored the heritage Young Building at Camosun College—receiving multiple heritage awards. They also were involved in the reconstruction of the Vancouver Island Regional Correctional Centre.

Farmer Construction recently broke ground on Harris Green Village, the largest housing project in Victoria ever. It includes two residential towers, a six storey podium, community amenities and more. Other current projects include Claude Residences, Spencer Block and 1901 Jerome.

Farmer Construction describes itself as a traditional contractor, not simply a “broker”.

“We have the knowledge and experience to work cooperatively with an owner’s consultant and architect from project conception to completion proposing cost saving options where available while retaining the project’s original vision,” says the company website. “We use our own skilled trades labour to better control the critical path of the project schedule and quality of work.”

ITC itself is no stranger to acquisitions. In July 2022, Pomerleau completed the largest acquisition in its history by purchasing ITC. The strategic move significantly expanded Pomerleau’s coast-to-coast reach and residential construction capacity, backed by $150 million investment from the Caisse de dépôt et placement du Québec (CDPQ), which helped fuel the acquisition and supported the company’s pan-Canadian growth ambitions.

Key Takeaways:

• The Ontario government is investing $75 million to create nearly 8,000 new post-secondary training spots in construction trades and urban planning by 2028.
• The funding will add 7,500 seats at colleges and Indigenous Institutes for skilled trades programs and 300 seats at universities for graduate-level planning programs.
• The investment is part of Ontario’s $200-billion infrastructure plan and aims to address labour shortages while protecting jobs amid U.S. tariffs and global economic uncertainty.

The Whole Story:

The Ontario government says it will spend $75 million to train nearly 8,000 additional students for careers in construction and urban planning, part of its wider push to support a massive infrastructure build-out across the province.

The funding will add up to 7,500 new seats in college and Indigenous Institute programs such as welding, carpentry and renovation techniques, while about 300 graduate-level spots will be created at universities to train more land use and urban planners by 2028.

“Our government has bold plans to build the Ontario of tomorrow, and it is critical that we have the homegrown, highly skilled workers to get it done,” Colleges and Universities Minister Nolan Quinn said Tuesday in Whitby.

Labour Minister David Piccini said the additional training capacity will help Ontario prepare for the province’s $200-billion, 10-year infrastructure plan, which includes new housing, highways, hospitals and schools. “Each of these additional seats will help ensure Ontario workers can land better jobs with bigger paycheques,” he said.

Colleges receiving funding include Durham, George Brown, Humber, Centennial, Conestoga, Fanshawe and Niagara, as well as Cambrian, Confederation, Collège Boréal, La Cité, Fleming, Georgian and Kenjgewin Teg, an Indigenous Institute. Universities set to expand graduate planning programs are Queen’s, Toronto Metropolitan, Guelph, York and Waterloo.

Durham College president Elaine Popp said the investment will “prepare career-ready graduates who will help meet Ontario’s housing and infrastructure needs.”

The province says the move will help safeguard Ontario jobs amid uncertainty caused by U.S. tariffs and global economic conditions.

According to government figures, Ontario’s post-secondary institutions currently offer about 240 construction-related programs, while six universities run accredited graduate-level planning programs.

The funding comes weeks after the province announced $260 million for the next round of its Skills Development Fund, which the government says has trained more than one million workers since 2021.

Key Takeaways:

• Lowe’s Companies Inc. has agreed to acquire Foundation Building Materials (FBM) for US$8.8 billion in cash, a move aimed at expanding its services for professional contractors in North America.
• FBM, which operates more than 370 locations in Canada and the United States, generated about US$6.5 billion in revenue in 2024 and will continue to be led by its current president and CEO, Ruben Mendoza.
• The acquisition, expected to close in late 2025 pending regulatory approvals, will be financed through a mix of short- and long-term debt and is projected to boost Lowe’s earnings in its first full year after closing.

The Whole Story:

Lowe’s Companies Inc. says it has reached a deal to acquire Foundation Building Materials (FBM) in a transaction valued at about US$8.8 billion.

FBM distributes drywall, ceiling systems, insulation, metal framing and other interior construction materials to large residential and commercial contractors. The company operates more than 370 locations across the United States and Canada, serving roughly 40,000 professional customers.

In 2024, FBM reported about US$6.5 billion in revenue and US$635 million in adjusted earnings before interest, taxes, depreciation and amortization.

Lowe’s says the purchase will expand its offerings for professional contractors, a key growth area for the home improvement retailer. The North Carolina-based company has been working to build out its so-called “Total Home” strategy, which includes faster fulfillment, more digital tools, enhanced trade credit options and stronger cross-selling opportunities.

“This acquisition allows us to serve the large Pro planned spend within a US$250-billion total addressable market and aligns perfectly with our Total Home strategy,” Lowe’s chairman and chief executive Marvin Ellison said in a statement.

FBM president and CEO Ruben Mendoza said joining Lowe’s will allow the company to accelerate growth while continuing to provide service to professional contractors. Mendoza and his senior leadership team will stay on following the deal.

Lowe’s will pay cash for the acquisition and has secured US$9 billion in bridge financing from Bank of America and Goldman Sachs. The company says it expects to use a mix of short- and long-term debt to finance the purchase while maintaining its credit ratings.

The transaction, subject to regulatory approvals and closing conditions, is expected to close in the fourth quarter of 2025. Lowe’s says it expects the deal to be accretive to adjusted diluted earnings per share in the first full year after closing.

Weldco Heavy Industries acquired by PFM, McKay Métis Group

PFM Capital Inc. and McKay Métis Group have completed the acquisition of Weldco Heavy Industries, a steel fabrication and repair facility specializing in heavy mining equipment for the Athabasca Oil Sands. Founded in 2009, WHI operates a 60,000-square-foot facility in the Fort MacKay Caribou Energy Park, providing haul truck box and shovel refurbishments, large-scale steel repairs, and assembly projects. The company’s senior management team will remain in their roles to ensure continuity during the transition.

Lowes to acquire FBM for US$8.8B

Lowe’s Companies Inc. has struck a deal to buy Foundation Building Materials (FBM) for US$8.8 billion in cash, expanding its reach in the professional contractor market across North America. FBM, a distributor of drywall, insulation, ceiling systems and other building products, operates more than 370 locations in Canada and the U.S. and reported about US$6.5 billion in revenue in 2024. Lowe’s says the acquisition, expected to close in late 2025 pending regulatory approvals, will strengthen its “Total Home” strategy, enhance services for professional customers and be accretive to earnings in its first full year after completion.

J.S. Held expands with GHL Consultants purchase

J.S. Held, a US-based technical and forensic advisory firm, has acquired GHL Consultants Ltd., a Vancouver-based fire engineering and building code consulting firm. Founded in 1992, GHL has 48 employees and specializes in building code compliance, fire engineering solutions, wood fire safety, transportation advisory, and legal and forensic services. The acquisition expands J.S. Held’s Canadian presence, following earlier purchases of Montreal-based Technorm and other Canadian firms including Frostbyte Consulting and Examine Construction Consultants.

Crewscope raises $1M in pre-seed funding

Crewscope, a Toronto-based startup, has raised over $1 million in pre-seed funding to accelerate development of its field operations AI software for construction and industrial teams. Led by Groundbreak Ventures with strategic partnership from EllisDon, the platform helps crews align weekly goals with critical path schedules and provides real-time progress updates. The company reports customers have achieved up to 10% gains in labor productivity and improved forecast accuracy across projects with leading developers, contractors, and mining operations.

Swift Supply acquires Platinum Valve Solutions

Swift Supply has acquired Platinum Valve Solutions, a Western Canada–based company specializing in valve products and technical support for the energy sector. Platinum Valve will continue to operate under its existing name as a division of Swift Supply. The acquisition expands Swift’s presence in Western Canada and adds to its range of products and services, which include pipe, valves, fittings, actuation, and valve servicing. Swift Supply, a privately owned Canadian distributor with 21 branches nationwide, said the move strengthens its ability to support customers across the energy industry.

Nelson Roofing & Sheet Metal partners with Parcel B

Nelson Roofing & Sheet Metal Ltd has successfully partnered with Parcel B Limited in a transaction advised by MNP Corporate Finance. The partnership allows Nelson Roofing’s shareholders to implement their succession strategy while preserving company culture and ensuring continued growth. The deal represents a strategic move for the British Columbia-based roofing and sheet metal company to secure its long-term success under new ownership structure.

Aecon acquires Bodell Construction Company

Aecon Group Inc. has acquired Bodell Construction Company, an industrial construction company headquartered in Salt Lake City, Utah. Founded in 1972, Bodell is a privately-owned, non-union company with approximately 150 employees specializing in oil and gas, mining, water and wastewater, and power generation projects across the Western and Southern U.S. The acquisition strengthens Aecon’s core industrial capabilities, increases recurring revenue, and positions the company for expansion in key U.S. sectors and target markets.

NACG secures $2B contract in Australia

North American Construction Group Ltd. has secured a $2-billion, five-year contract extension in Queensland, Australia, marking the largest signed contract in the company’s history. The MacKellar Group, NACG’s wholly owned subsidiary, will provide mine services to an existing coal producer client through April 2030. This extension increases the company’s total contractual backlog to a record $4.0 billion, with Australian operations alone contributing $3.0 billion, providing full revenue visibility through 2029.

Blackstone now majority owner of Enverus

Blackstone announced it has reached a definitive agreement to acquire Enverus, a Texas-based energy data analytics and software company, from Hellman & Friedman and Genstar Capital. Founded in 1999, Enverus provides real-time analytics and insights to more than 8,000 customers across 50 countries, including most major U.S. energy producers and tens of thousands of suppliers. The deal, which underscores Blackstone’s focus on investments tied to energy transition and rising electricity demand, is expected to close by the end of the year pending customary approvals. Terms of the transaction were not disclosed.

Chartwell Resource Group merges DWB Consulting Services

Chartwell Resource Group Ltd. has merged with DWB Consulting Services Ltd., a portfolio company of CAI Capital Partners. Fort Capital Partners acted as financial advisor to Chartwell in the transaction. The deal brings together two consulting services companies, with Fort Capital facilitating the strategic combination that positions the merged entity for enhanced market presence and expanded service capabilities.

Saint-Gobain buys business assets of Interstar Materials

Saint-Gobain Group has acquired the business assets of Interstar Materials Inc., a North American manufacturer specializing in construction chemicals and decorative concrete products. The acquisition marks Saint-Gobain’s entrance into granular pigments for concrete and follows recent acquisitions of Chryso in 2021 and GCP Applied Technologies in 2022. Interstar will continue operating from its headquarters in Sherbrooke, Quebec, plus facilities in Calgary, Alberta and Junction City, Illinois, with Saint-Gobain welcoming 55 new employees while maintaining the Interstar brand.

Tomlinson Group takes over Loyalist Quarry

Tomlinson Group has announced it is now operating the Loyalist Quarry in Odessa, Ontario, following its 2024 purchase of the property. This strategic addition strengthens the company’s network and enhances its ability to serve customers along the 401 corridor. As part of the Kingston community, Tomlinson Group emphasizes its commitment to growing with purpose and contributing meaningfully to the local area.

QuadReal acquires U.K. student housing portfolio

QuadReal Property Group has acquired an eight-asset, 3,460-bed purpose-built student accommodation portfolio in the U.K. from funds managed by Apollo Global Management for over $913 million. The Vancouver-based real estate investor targeted key markets including London, with six of the eight properties located within Russell Group universities. All buildings were developed within the last five to seven years and feature modern amenities including gyms, co-working spaces, and common areas. The acquisition aligns with QuadReal’s fundamentals-driven residential strategy in Europe, capitalizing on structural undersupply and growing student populations.

Heidelberg acquires BURNCO’s Edmonton assets

Heidelberg Materials North America has entered into a binding purchase agreement to acquire the assets of BURNCO Rock Products Ltd in Edmonton, Alberta. The transaction includes six aggregates sites, two asphalt plants, one bitumen storage terminal, three ready-mixed concrete plants, and one rail-served cement terminal in the Edmonton area, employing 200 people. The acquisition of the fifth-generation family-owned construction materials company is expected to be completed by end of 2025, subject to regulatory approval, and will significantly expand Heidelberg Materials’ aggregates business in the attractive Edmonton market.

Stack Modular expands into Australia

Stack Modular is expanding into Australia, targeting the country’s ambitious housing goals driven by the Brisbane 2032 Olympic Games. With Australia facing a target of 1.2 million new homes by 2029 and a shortfall of 130,000 construction workers, the company sees significant opportunity in the growing prefab sector projected to reach USD 10.8B in 2025. Stack Modular brings 14+ countries of delivery experience and 120,000 sq. ft. of manufacturing capacity to support Olympic-scale growth with 30% faster construction timelines.

BGC Engineering opens Whitehorse office

BGC Engineering Inc. has opened a new office in Whitehorse, Yukon, marking the company’s expansion into northern Canada. Led by Aaron Weber, P.Eng., P.E., the office strengthens BGC’s commitment to northern communities and deepens local partnerships. The Whitehorse location will provide geotechnical expertise and support existing and new clients with critical applied earth science challenges in the region, bringing the company closer to projects they have previously supported from afar.

CRH buys Eco Material Technologies

CRH, a global building materials provider, announced it will acquire Eco Material Technologies, a leading North American supplier of supplementary cementitious materials, for $2.1 billion. The deal, expected to close in 2025 pending regulatory approval, secures long-term access to critical cementitious products, expands CRH’s distribution and innovation capabilities, and strengthens its position in modernizing North America’s infrastructure. Eco Material, based in Utah, processes and recycles millions of tons of fly ash, synthetic gypsum, and other materials annually, and will continue to operate under its name as part of CRH.

Kode takes over PG Ready Mix assets to launch concrete division

Kode Contracting Ltd. has acquired the assets of former PG Ready Mix, launching a new division called Kode Concrete. Operating from 666 N Nechako Rd, the expansion strengthens the company’s ability to serve communities and clients across Northern BC. As the company celebrates 60 years in business, this milestone reflects their continued commitment to integrity, reliability, and excellence in construction services.

Key Takeaways:

• Ontario is adding $1.6 billion to the Municipal Housing Infrastructure Program, nearly doubling it to $4 billion to support housing-enabling projects like roads, bridges and water systems.
• The investment is part of the province’s $200-billion capital plan, which includes $33 billion this year alone for transit, highways, hospitals, schools and housing infrastructure.
• Municipal leaders say the funding will not only unlock new housing but also create jobs and strengthen local economies across Ontario.

The Whole Story:

Premier Doug Ford says the Ontario government will inject an additional $1.6 billion into municipal infrastructure in a bid to speed up housing construction and support local economies.

The funding, announced Monday at the Association of Municipalities of Ontario conference, nearly doubles the province’s Municipal Housing Infrastructure Program to $4 billion. The program helps municipalities and Indigenous communities pay for the roads, bridges and water systems needed to support new housing developments.

“We’re making record investments in housing and infrastructure so we can keep workers on the job and help families across the province find a home that meets their needs and their budgets,” Ford said.

Launched in 2024, the program has supported the construction of 800,000 homes across Ontario. It works alongside the province’s $1.2-billion Building Faster Fund, which rewards municipalities that meet or exceed their housing targets.

Infrastructure Minister Kinga Surma said the new funding will ensure communities can move projects forward despite economic headwinds. “In the face of unwarranted U.S. tariffs, our government is doubling down on our plan to build,” she said, noting Ontario’s $200-billion capital plan includes more than $33 billion in spending this year alone.

Municipal Affairs and Housing Minister Rob Flack said the investment builds on recent legislative efforts to cut costs and reduce barriers to housing. “For far too long, too many families, first-time homebuyers, and seniors have been priced out of the market,” he said.

Association of Municipalities of Ontario president Robin Jones welcomed the announcement, saying investments in local infrastructure not only unlock housing but also create jobs and support long-term economic growth.

The province says the new investment is part of the largest capital plan in its history, aimed at expanding transit, highways, hospitals, schools and housing-related infrastructure.

Key Takeaways:

• The BC 2026 Budget Committee formally recommended accelerating the implementation of Prompt Payment laws, marking a significant step toward aligning BC with other provinces and addressing chronic late payments in the construction industry.
• The report calls for increased capital infrastructure spending, expanded funding for construction-related education and training, and a review of BC’s mandatory paid sick leave policy to better support industry needs.
• Recommendations include improving public sector procurement through fairer tendering, clearer contracts, and better alignment across ministries and Crown corporations.

The Whole Story:

The BC construction industry is welcoming a formal recommendation to accelerate Prompt Payment legislation, included in the Standing Committee on Finance and Government Services’ Report on the 2026 Budget Consultation. The recommendation responds to longstanding calls from the BC Construction Association (BCCA) and industry leaders seeking improved payment timelines, workforce support, and procurement reform.

The BCCA’s president, Chris Atchison, presented to the committee earlier this year, emphasizing a set of core priorities: improving public sector procurement, increasing investment in infrastructure, and addressing workforce challenges in construction. All three areas were directly acknowledged in the committee’s final report.

The headline recommendation—formally urging government to “accelerate the implementation of Prompt Payment legislation”—was supported by multiple submissions and recognized as a critical step to improve payment certainty across the sector . BCCA praised the inclusion, noting that “payment certainty will have a real and positive impact on the industry and the hardworking women and men who make it all possible.”

In addition to Prompt Payment, the report included recommendations to:

• Increase capital infrastructure investments to drive economic growth;
• Expand funding for construction-related education and training programs;
• Review and potentially restructure BC’s five-day mandatory paid sick leave policy, which has raised concerns in some industry submissions ;
• Improve procurement practices, including fairer tendering, contract clarity, and alignment across ministries and Crown corporations .

In a statement, BCCA welcomed the report’s alignment with industry priorities and said it looks forward to continuing work with the provincial government to advance critical reforms.

“Now is a critical time for BC to build — and the construction industry has a key and leading role to play,” the association said. “The report’s reference to the industry’s priorities, areas of focus, and pressure points is an important acknowledgement of the work and initiative required by the provincial government to keep BC strong and resilient.”

The report will inform the province’s 2026 budget development, expected in early next year’s legislative session.

Ontario was the first province to pass prompt payment and adjudication rules under the Construction Act, which came into force in 2019. Since then, Alberta, Saskatchewan, and Nova Scotia have enacted similar legislation, creating statutory timelines for payment and introducing dispute resolution mechanisms to speed up conflict resolution.

Quebec has operated a pilot project for prompt payment on public projects, while Manitoba passed legislation in 2023 but has yet to bring it into force. Federally, the Prompt Payment for Construction Work Act applies to contracts with the Government of Canada, and regulations came into effect in late 2023.

In contrast, B.C. has consulted on the issue for years but has not passed legislation—making the 2026 Budget Committee’s formal recommendation a notable turning point in aligning BC with other provinces that have already moved to address chronic late payments in the construction sector.

A movement is growing across Canada amongst developers to relax foreign buyer rules.

They say that this will jumpstart housing projects during a historic slowdown, as these buyers are critical for creating cash flow that gets shovels in the ground.

Where it’s hurting: The housing market slump has been shocking. Condo sales across Canada have sharply declined, with Toronto experiencing a 75% drop and Vancouver a 37% decrease between mid-2022 and Q1 2025, according to CMHC. 

Here’s how Urbanation President Shaun Hildebrand summed it up: “The market has entered a phase of the downturn that is really starting to wreak havoc. Project cancellations are mounting, construction starts are collapsing, jobs are being lost, buyers are losing a lot of money, and developers are facing difficulties with closings. 

What developers want: A coalition of developers and industry groups warns that Canada’s federal foreign homebuyer ban and local policies like B.C.’s provincial foreign buyer tax are not helping and noted that foreign investors—who account for about 10% of buyers in the new condo market—are often key to meeting pre-sale thresholds that secure construction financing. 

Behind the ban: The ban was implemented to curb soaring home prices. The federal government argued that foreign money has been coming into Canada for years to buy up residential real estate, increasing housing affordability concerns in cities across the country, and particularly in major urban centres. 

When the ban was extended to 2027, Chrystia Freeland, the Minister of Finance at the time, said this:  “By extending the foreign buyer ban, we will ensure houses are used as homes for Canadian families to live in and do not become a speculative financial asset class. The government is intent on using all possible tools to make housing more affordable for Canadians across the country.”

Academic disagreement: A coalition of Vancouver-based urbanists, planners, architects, developers, and academics argued in their own letter that Canada’s housing crisis is fundamentally about affordability, not just supply. They contend that simply building more homes—particularly high-density market units—has failed to curb prices. They conclude that instead of bailing out speculative developments or reintroducing foreign capital to boost demand, government should use the current market correction to invest in non-market housing; preserve existing rental stock, and tie public subsidies to long-term public benefits. 

Here’s what other data and experts are saying:

• A UBC study found that after B.C. introduced its 15% Foreign Buyers Tax, single-family home prices in neighbourhoods with above-average foreign buyer activity fell about 6% more than in other areas. But multifamily prices were unaffected and researchers concluded that housing affordability is a complex problem with no quick fixes.
• According to the Real Estate Institute of Canada, the issue is nuanced, and foreign capital has had localized effects. In luxury segments of Vancouver and Toronto, foreign buyers likely inflated prices at the margin as they often paid higher than both non-investors and domestic investors.
• The institute added that they believe the real culprits for extreme prices have been low interest rates, domestic speculation, dual-income households, and underbuilding.
• Real estate analysts argue that the ban has not made much difference in terms of house prices or availability, noting that foreign investors often focus on the luxury market. They believe that prolonging the ban will not make housing more accessible.
• According to the 2022 data from Statistics Canada’s Canadian Housing Statistics Program (CHSP), foreign owners held just 2% to 6% of all residential properties across Canada. But developers say they make up roughly 10% of new condo buyers.  

Finding consensus beyond Canada: Developers in Canada have cited Australia as an example of finding a middle ground. Down Under, foreign buyers are temporarily banned from purchasing existing homes but are encouraged to invest in new housing, with the aim of directing capital into supply creation. This is reinforced by supply-side supports like tax incentives for build-to-rent, government-backed pre-sale finance guarantees, and dedicated funding for modular construction.

Key Takeaways:

• Build Canada Homes would target major affordable housing projects — 300+ units or portfolios — instead of many smaller builds, using federal financing, land, and development capacity to accelerate delivery.
• The program aims to speed timelines and cut costs by promoting modular, prefabricated, low-carbon, and net-zero building methods, with a preference for Canadian-made materials.
• Success hinges on collaboration with provinces, municipalities, Indigenous governments, and private partners, with public funding tied to measurable housing outcomes and shared financial risks.

The Whole Story:

The federal government has released new details on its flagship Build Canada Homes program, outlining a national plan to rapidly increase the supply of affordable housing while modernizing construction methods.

In a market sounding guide published this week, the government describes Build Canada Homes as a new federal entity that would finance and build affordable homes, act as a single-window partner for large-scale projects, and push the sector toward faster, more efficient building techniques. Feedback on the proposal is being sought until Aug. 29.

The program’s stated objectives include building affordable housing “at scale” for groups underserved by the private market — such as working families, students and seniors on fixed incomes — and “building faster, better and smarter” by promoting modular, prefabricated and low-carbon construction.

Under the proposal, Build Canada Homes would focus on a small number of large deals, such as projects with 300 or more units or portfolios of developments, rather than dispersing funds across many smaller builds. It could finance projects through low-interest loans, equity investments, contributions, and loan guarantees, while also acting as a developer or facilitator by bringing together land, financing, and partners.

The investment approach would tie the level of federal support to housing outcomes, with higher contributions for projects that deliver more units or deeper affordability. The plan also calls for sharing financial risks and rewards with private partners, prioritizing Canadian-made materials, and leveraging public dollars to attract private and philanthropic capital.

Partnerships with provinces, territories, municipalities, Indigenous governments, and private sector players are described as critical to success. The guide also signals an intent to coordinate with local governments to speed up permitting and servicing, and to align with existing provincial and territorial housing programs.

Prime Minister Mark Carney has promoted Build Canada Homes as a signature policy aimed at tackling the country’s housing shortage. The initiative is framed as a response to rising construction costs, capacity constraints, and the need for climate-resilient, net-zero housing.

Written submissions on the proposed design can be sent to the government until late August. The final structure of Build Canada Homes is expected to be shaped by the feedback received.

Key Takeaways:

• Fluor Corp. and JGC Corp. have been awarded a contract to update engineering and design for a potential Phase 2 expansion of the LNG Canada terminal in Kitimat, B.C.
• LNG Canada, backed by major global energy companies, is Canada’s first large-scale LNG export facility with a capacity of up to 14 million tonnes annually; Phase 2 would further boost processing, storage and shipping.
• A final investment decision on Phase 2 has not yet been made, despite the recent completion and first shipment from Phase 1.

The Whole Story:

Fluor Corp. says its joint venture with Japan’s JGC Corp. has been awarded a contract to update the front-end engineering and design for a proposed second phase of the LNG Canada export terminal in Kitimat, B.C.

The U.S.-based engineering firm did not disclose the value of the deal, which it recorded in the second quarter of 2025. The award comes shortly after the first LNG shipment left the facility, marking the completion of Phase 1. The JGC-Fluor partnership has worked on the project since 2018, handling engineering, procurement, construction and commissioning for the initial build.

Located on the traditional territory of the Haisla Nation on B.C.’s north coast, LNG Canada is the country’s first major liquefied natural gas export facility. The plant has an annual capacity of up to 14 million tonnes and access to abundant, low-cost natural gas from northeast B.C., as well as an ice-free deepwater port. Backed by a 40-year export licence, the facility aims to supply Asian markets with LNG as a lower-carbon alternative to coal, potentially reducing global greenhouse gas emissions.

The project is a joint venture between Shell, Petronas, PetroChina, Mitsubishi Corp., and Korea Gas Corp. (KOGAS).

The first phase involved the construction of two LNG processing units (“trains”). This initial stage also included a new marine terminal, storage tanks, and the Coastal GasLink pipeline, which transports natural gas from northeastern B.C. to the facility

Phase 2, if approved, aims to double the plant’s capacity by adding two more LNG trains, as well as expanding related storage and shipping infrastructure. Future expansion is contingent upon environmental assessments, market demand, and investment decisions.

“We’ve been a proud partner of LNG Canada through Phase 1 and we look forward to contributing to the next chapter in the construction of this world-class facility,” said Mike Alexander, Fluor’s president of energy solutions, in a statement.

Fluor has operated in Canada for more than 75 years, working on large-scale oil, gas, mining, power and infrastructure projects.

Key Takeaways:

• The study will explore the potential for new cross-Canada pipelines, a James Bay deep-sea port, and expanded refining capacity to improve domestic energy security and create jobs.
• Ontario, Alberta, and Saskatchewan say the corridor could help protect against supply disruptions, unlock export markets, and support a more self-reliant national economy.
• The study will include an Indigenous engagement roadmap and consider infrastructure opportunities like all-season roads, broadband, and access to Northern Ontario’s Ring of Fire region.

The Whole Story:

Ontario has issued a request for proposals to study the feasibility of a new energy and economic corridor stretching from Alberta to Southern Ontario and possibly to tidewater via James Bay.

The project under consideration includes the development of new oil and gas pipelines built entirely within Canada using Canadian and Ontario steel. The proposed corridor could also include a deep-sea port on James Bay and a new or expanded refinery along the route.

Premier Doug Ford said the initiative is a response to growing concerns over Canada’s energy security and reliance on infrastructure outside its borders.

“Canada can no longer rely on energy infrastructure that lies outside of our borders and can be shut down at a moment’s notice by another country,” Ford said in a statement Thursday. “It’s time for us to build cross-Canada infrastructure within our borders.”

The feasibility study will examine the technical and commercial viability of the corridor, as well as potential benefits to domestic energy security, job creation, and export capacity. It will also consider the establishment of a Canadian Strategic Petroleum Reserve — an emergency fuel stockpile that Canada currently lacks, unlike many International Energy Agency member countries.

Infrastructure Minister Kinga Surma said the study comes amid geopolitical instability and new U.S. tariffs on Canadian goods, arguing that cross-provincial collaboration on trade and energy is essential.

“We are seizing a generational opportunity to bring sustainable prosperity to our northern communities and strengthen both Ontario and Canada’s economy,” said Surma.

The governments of Alberta and Saskatchewan — both partners in a memorandum of understanding with Ontario — voiced their support.

“We are securing long-term energy access for families and businesses, creating thousands of jobs, and opening new doors for trade and investment,” Alberta Premier Danielle Smith said, calling it a “defining moment” for Canadian energy independence.

Saskatchewan Premier Scott Moe added that energy and trade infrastructure like pipelines and rail are key to sustaining jobs and growing exports.

The study will also assess complementary development opportunities, including road access to Northern Ontario’s Ring of Fire mineral deposits, broadband infrastructure, and local social facilities.

Ontario says Indigenous consultation will be central to the process. The province will create an Indigenous engagement roadmap aligned with section 35 of the Constitution Act, 1982, ensuring meaningful consultation and consideration of Indigenous equity participation.

The proposed energy corridor builds on a recent agreement among the three provinces to collaborate on energy development, including nuclear and critical minerals, with the aim of strengthening national infrastructure and workforce resilience.

Key Takeaways:

• Aecon expands U.S. presence with the acquisition of Bodell Construction, a non-union industrial contractor operating across the western and southern United States.
• Bodell’s leadership and 150-person team will remain in place and collaborate with Aecon’s industrial division to support growth in key U.S. sectors like oil and gas, mining, and power generation.
• The deal strengthens Aecon’s industrial capabilities and recurring revenue base while positioning the company to scale operations in the Mountain States and enter new geographic markets.

The Whole Story:

Aecon Group Inc. has acquired Utah-based Bodell Construction Company, a privately owned industrial contractor with operations across the western and southern United States, the company announced Thursday.

Founded in 1972 and headquartered in Salt Lake City, Bodell employs roughly 150 people and specializes in projects in the oil and gas, mining, water and wastewater, and power generation sectors. The company operates as a non-union contractor.

Aecon said Bodell’s existing management team will remain in place and work closely with Aecon’s industrial division to lead the business and support the Canadian firm’s U.S. expansion strategy.

“This transaction strengthens our core industrial capabilities, increases recurring revenue, and positions Aecon for expansion in key U.S. sectors and target markets,” Aecon CEO Jean-Louis Servranckx said in a statement.

John Singleton, senior vice-president of industrial at Aecon, said the acquisition would allow the company to scale operations in the Mountain States region and beyond.

Bodell president and CEO Sean Davis said the deal would allow the company to grow more quickly while offering “expanded services” to its existing clients as part of the Aecon group.

Financial terms of the transaction were not disclosed.

Key Takeaways:

• MacKellar’s five-year, $2-billion extension in Queensland is the largest deal North American Construction Group has ever signed, adding about $800 million to the original 2022 agreement.
• The award pushes NACG’s total contractual backlog to a record $4 billion, with roughly three-quarters tied to Australian projects, giving the company clear revenue visibility through 2029.
• The amended contract introduces performance-based risk-and-reward provisions but requires no additional growth capital, as the mine will continue operating at its current run rate.

The Whole Story:

Alberta-based North American Construction Group Ltd. (NACG) has landed the largest contract in its 70-year history after its Australian subsidiary, MacKellar Group, secured a five-year extension worth about $2 billion at a coal mine in Queensland.

The amended agreement, which now runs to April 30, 2030, boosts NACG’s contractual backlog to a record $4 billion on a pro-forma basis, up from $3.2 billion at the end of the first quarter. Work in Australia accounts for roughly three-quarters of that total, giving the heavy-equipment contractor “full top-line visibility to 2029 at current levels,” the company said.

MacKellar’s new scope adds roughly $800 million to the original deal signed in 2022. NACG said the extension introduces risk-and-reward provisions tied to operational performance but does not require additional growth capital because the mine will continue at its current production rate.

“Signing the largest contract in our history is a testament to the consistent execution and trusted partnerships we’ve built,” chief executive Joe Lambert said in a statement. “With record-high backlog, including more than $3 billion from Australia alone, we have exceptional revenue visibility through the decade and a rock-solid foundation for long-term growth.”

Chief operating officer Barry Palmer called the extension “a tangible demonstration of the successful and productive relationship we’ve had with this customer since inception in 2022” and said the team is “aligned with this customer’s continued success.”

NACG entered the Australian market two years ago when it purchased MacKellar for about $395 million, expanding its earthmoving fleet and diversifying beyond Canada’s oil-sands sector. Operating since 1966, MacKellar specializes in heavy earthmoving equipment and has worked on major mining and civil projects across Australia.

Headquartered west of Edmonton, NACG provides heavy construction and mining services in Canada and Australia. Its shares trade on the Toronto and New York stock exchanges under the symbol NOA.

Key Takeaways:

• Ottawa is offering up to $700 million in loan guarantees, $500 million for product and market diversification, and $50 million for training and income supports to help the softwood-lumber sector withstand higher U.S. duties and modernize.
• New federal procurement rules and the forthcoming Build Canada Homes financing program will require contractors to use Canadian lumber, tying the industry to the government’s plan to double housing starts to 500,000 a year.
• Ottawa will revive programs to expand sales of sustainable, value-added wood products in faster-growing overseas markets and back Indigenous-led ventures, aiming to reduce reliance on the U.S., which currently buys about 90 per cent of Canadian softwood-lumber exports.

The Whole Story:

Prime Minister Mark Carney has unveiled a $1.25-billion support package aimed at helping Canada’s softwood-lumber sector weather rising U.S. trade duties and capitalize on an expected boom in domestic construction.

The plan, announced Tuesday, sets aside up to $700 million in federal loan guarantees so producers can keep plants running and restructure operations. Another $500 million will fund product and market diversification, including Indigenous-led forestry businesses, while $50 million will go toward retraining and income supports for more than 6,000 workers.

Carney said the measures are part of a broader industrial strategy designed to make Canada “more resilient” by strengthening domestic supply chains and prioritizing Canadian materials in federally funded projects.

The forest sector is a pillar of Canada’s economy. In the face of a changing global landscape, we are focused on what we can control — building Canada strong with Canadian expertise, using Canadian lumber.

Prime Minister Mark Carney

The initiative also commits Ottawa to revise procurement rules so companies working on federal contracts must source Canadian lumber. A forthcoming Build Canada Homes program will offer financing to private-sector builders that use home-grown technologies such as mass timber.

In addition, the government plans to revive export-promotion programs to court faster-growing overseas markets for sustainable wood products.

Industry has been under renewed pressure since the U.S. Department of Commerce doubled duties on Canadian softwood lumber July 25, with further increases expected later this month. Roughly two-thirds of Canadian production is exported, nearly 90 per cent of it to the United States.

Forestry employs about 200,000 people nationwide and contributes more than $20 billion to GDP. Ottawa says its pledge to double housing starts to roughly 500,000 units a year within a decade will require almost two billion additional board feet of lumber annually.

François-Philippe Champagne, minister of finance and national revenue, called the sector “a cornerstone of our economy,” while Industry Minister Mélanie Joly said the package would “ensure resilient supply chains” and keep Canada a “trusted global trade partner.”

Forest Products Association of Canada (FPAC) welcomed the announcement, state that it confirms the federal government’s plan to stand with forest sector employees and businesses.

“Encouraging the federal government to get the best trade deal for Canada with our U.S. neighbours continues to be the most important wish of our sector and forestry communities across Canada,” said FPAC President and CEO Derek Nighbor. “As those deliberations continue, today’s measures announced by the Prime Minister are helpful as we try to stabilize the industry for the months ahead and at the same time achieve our shared goals of building more homes, improving competitiveness, increasing production and investment in Canadian operations, and growing new markets for the long-term.”

The BC Council of Forest Industries (COFI) also welcomed the announcement.

“This support comes at a critical moment for forestry workers, communities, and companies across the country,” said Kim Haakstad, President and CEO of COFI. “Initiatives aimed at supporting workers, fostering innovation, enhancing liquidity, and promoting export development through organizations like Canada Wood are important steps toward stabilizing the sector and supporting government efforts to build more homes for Canadians. These investments also lay the foundation for long-term competitiveness.”