DUBLIN–(BUSINESS WIRE)–The “Canada Construction Industry Databook Series – Market Size & Forecast by Value and Volume (area and units), Q2 2024 Update” report has been added to ResearchAndMarkets.com’s offering.

The construction industry in Canada is expected to grow by 3.9% to reach CAD 222.11 billion in 2024.

Despite near-term challenges in certain construction sectors, Canada’s construction industry is poised for significant growth. The industry is expected to grow steadily over the next four quarters, with the growth momentum continuing over the forecast period. A CAGR of 3.7% is projected during 2024-2028, with the country’s construction output expected to reach CAD 256.42 billion by 2028, indicating substantial growth potential.

The Canadian construction industry is at a pivotal moment, characterized by cautious growth, evolving market demands, and significant challenges. As the sector adapts to economic fluctuations and embraces technological advancements, stakeholders must proactively address labour shortages and promote sustainable practices. By leveraging government initiatives and focusing on innovation, executives can position their organizations for success in this dynamic landscape.

Key Trends and Developments

• Cautious Growth Amid Economic Challenges: The construction sector in Canada is projected to experience slow growth in 2024, driven by infrastructure investments and a rebound in commercial construction. However, high interest rates and inflation are tempering investor sentiment, leading to a contraction in the residential sector.
• Labour Shortages and Skills Gap: The industry faces significant labour shortages, exacerbated by an aging workforce and insufficient new entrants. This shortage impacts project timelines and costs, necessitating a focus on recruitment and retention strategies to attract diverse talent.
• Increased Focus on Sustainability: There is a growing emphasis on sustainable building practices and green technologies. The federal government has committed $6 billion to the Canada Housing Infrastructure Fund to address housing shortages and promote environmentally friendly construction methods.
• Technological Advancements: Adopting digital tools, artificial intelligence (AI), and data analytics transforms construction processes. Companies are increasingly utilizing AI for risk management and project efficiency, which is expected to enhance productivity and reduce costs.

Residential Construction: Navigating Contractions and Opportunities

• Government Initiatives to Address Housing Shortages: The federal government’s investment in affordable housing projects is crucial for meeting the growing demand. Initiatives to increase the supply of new homes and retrofit existing structures are expected to support long-term growth in this sector.

Commercial Construction: Recovery and Growth

• Positive Outlook for Commercial Projects: The commercial construction sector is poised for recovery, with a projected increase in building activity as the economy stabilizes. Major investments in office spaces, retail, and mixed-use developments are expected to drive growth in urban centers.
• Impact of Changing Work Dynamics: The shift towards hybrid work models is influencing the design and functionality of commercial spaces. Developers focus on creating flexible environments catering to evolving business needs and employee preferences.

Institutional Construction: Focusing on Public Needs

• Investment in Healthcare and Education: The institutional construction segment is experiencing growth driven by significant investments in healthcare and educational facilities. The Canadian government is prioritizing infrastructure projects that enhance public services, focusing on modernizing existing institutions.
• Sustainability in Institutional Projects: New institutional projects increasingly incorporate sustainable design principles, aligning with national environmental responsibility and energy efficiency goals. This trend is essential for future-proofing public infrastructure against climate change impacts.

Industrial Construction: Strengthening Economic Foundations

• Growth in Manufacturing and Logistics: The industrial construction sector is growing due to increased demand for manufacturing facilities and logistics centers. Investments in these areas are essential for supporting the supply chain and enhancing economic resilience.
• Focus on Renewable Energy Projects: There has been a notable increase in construction activity related to renewable energy projects, driven by government initiatives to reduce carbon emissions and promote sustainable energy sources. This trend will continue as Canada seeks to meet its climate targets.

Infrastructure Construction: The Backbone of Development

• Major Infrastructure Investments: The Canadian government invests heavily in infrastructure projects, including transportation, utilities, and public transit systems. A notable project is the addition of 1,000 km of new rail track for high-speed rail services between major cities, which is expected to advance in summer 2024.
• Long-Term Infrastructure Planning: The focus on long-term infrastructure planning is critical for addressing population growth and urbanization challenges. Continued investment in public infrastructure is essential for enhancing connectivity and supporting economic development across regions.

For more information about this report visit https://www.researchandmarkets.com/r/30emz9

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LADERA RANCH, Calif.–(BUSINESS WIRE)–Strategic Storage Growth Trust III, Inc. (“SSGT III”), a private real estate investment trust sponsored by an affiliate of SmartStop Self Storage REIT, Inc. (“SmartStop”), is pleased to announce the acquisition of its newest self-storage facility in St. Albert, Alberta, Canada.

Located at 8 Inglewood Drive in St. Albert, Alberta, this newly constructed two-building facility encompasses approximately 36,900 net rentable square feet. It includes approximately 310 units, offering interior climate-controlled and drive-up units. The facility features an advanced keyless entry system that ensures heightened security and convenient access for customers. This cutting-edge technology significantly improves the overall customer experience.

Strategically positioned near the St. Albert Trail, a major thoroughfare connecting St. Albert to Edmonton, this facility enjoys excellent visibility from high traffic. The area’s above-average median household income within a five-mile radius further strengthens its ideal location. With residential rental units expected to double in the surrounding area in the next few years, this facility is well-positioned to serve a variety of neighborhoods, including Inglewood, Oakmont, Woodlands, Pineview, Braeside, Sturgeon, Mission, Lacombe Park, Erin Ridge, Forest Lawn, Grandin, North Ridge, and Deer Ridge.

A significant expansion is planned for the first half of 2025, with completion anticipated in the first half of 2026. This expansion will add approximately seven drive-up buildings and 640 units, expanding the total combined net rentable square feet to approximately 70,500 square feet. The additional capacity will meet growing demand, demonstrating our commitment to growth and exceptional customer service.

H. Michael Schwartz, CEO and President of SSGT III, expressed his enthusiasm for this new addition to the company’s portfolio. “The acquisition of the St. Albert facility represents a significant milestone as it serves as the first property acquired in the greater Edmonton area and province of Alberta for SSGT III. We are excited to offer the community a top-tier storage solution that combines convenience, security, and accessibility.”

About Strategic Storage Growth Trust III, Inc. (SSGT III):

SSGT III is a Maryland corporation that was elected to qualify as a REIT for federal income tax purposes. SSGT III’s primary investment strategy is to invest in growth-oriented self-storage facilities and related self-storage real estate investments in the United States and Canada. As of September 19, 2024, SSGT III has a portfolio of seven operating properties in the United States, comprising approximately 5,160 units and 556,400 rentable square feet, two operating properties in Canada, comprising approximately 1,080 units and 118,700 rentable square feet and joint venture interests in two developments in two Canadian provinces (Québec and British Columbia). In addition, a subsidiary of SSGT III serves as the sponsor of a Delaware Statutory Trust, which owns two operating properties in the United States comprising approximately 1,040 units and 123,000 rentable square feet.

About SmartStop Self Storage REIT, Inc. (SmartStop):

SmartStop Self Storage REIT, Inc. (“SmartStop”) is a self-managed REIT with a fully integrated operations team of approximately 500 self-storage professionals focused on growing the SmartStop® Self Storage brand. SmartStop, through its indirect subsidiary SmartStop REIT Advisors, LLC, also sponsors other self-storage programs. As of September 19, 2024, SmartStop has an owned or managed portfolio of 201 operating properties in 22 states and Canada, comprising approximately 141,400 units and 16.0 million rentable square feet. SmartStop and its affiliates own or manage 36 operating self-storage properties in Canada, which total approximately 31,000 units and 3.2 million rentable square feet. Additional information regarding SmartStop is available at www.smartstopselfstorage.com.

Contacts

David Corak
VP of Corporate Finance

SmartStop Self Storage REIT, Inc.

IR@smartstop.com

TORONTO–(BUSINESS WIRE)–RioCan Real Estate Investment Trust (“RioCan”) (TSX: REI.UN) today announced a distribution of 9.25 cents per unit for the month of September. The distribution will be payable on October 7, 2024, to unitholders of record as at September 30, 2024.

About RioCan

RioCan is one of Canada’s largest real estate investment trusts. RioCan owns, manages and develops retail-focused, mixed-use properties located in prime, high-density transit-oriented areas where Canadians want to shop, live and work. As at June 30, 2024, our portfolio is comprised of 187 properties with an aggregate net leasable area of approximately 33 million square feet (at RioCan’s interest). To learn more about us, please visit www.riocan.com.

Contacts

RioCan
Kim Lee

Vice President, Investor Relations

(416) 646-8326

Provides roofing contractors with online capabilities to gain efficiency in real-time

HERNDON, Va.–(BUSINESS WIRE)–$becn #Ambition2025—Beacon (Nasdaq: BECN) the leading publicly-traded wholesale distributor specializing in roofing, waterproofing and exterior products, announced today that it has launched its industry-leading digital platform, Beacon PRO+®, in Canada.

Beacon PRO+ is a robust, no-cost digital tool that is used by thousands of U.S. roofing contractors to manage their business and sales process anywhere at any time. At the office or on-the-go, customers can find product descriptions and specifications optimized to their area and order templates to help ensure a complete and accurate order.

“I’m thrilled to make Beacon PRO+ available to our Canadian contractors in both English and French. The efficiencies gained will allow them to stand out from competitors with responsiveness and planning,” commented Charles Michaud, Regional Vice President for Canada at Beacon.

“Customers value the investment we have made to bring them features like customized pricing and quotes, order history and templates as well as online bill payment. Now, Canadian contractors can build their businesses faster with the confidence that Beacon PRO+ is on the job 24/7,” explained Jonathan Bennett, Chief Commercial Officer at Beacon.

Since 2017, Beacon has supported customers with digital capabilities to help them grow their businesses. During the three months ended June 30, 2024, digital sales reached approximately 26% of residential sales underscoring contractors growing demand for digital tools. Expanding our digital platforms and penetration is a key element of driving above market growth in our Ambition 2025 plan.

About Beacon

Founded in 1928, Beacon is a Fortune 500, publicly-traded specialty distributor of building products, including roofing materials and complementary products, such as siding and waterproofing. The company operates over 570 branches throughout all 50 states in the U.S. and 7 provinces in Canada. Beacon serves an extensive base of nearly 100,000 customers, utilizing its vast branch network and diverse service offerings to provide high-quality products and support throughout the entire business lifecycle. Beacon offers its own private label brand, TRI-BUILT®, and has a proprietary digital account management suite, Beacon PRO+®, which allows customers to manage their businesses online. Beacon’s stock is traded on the Nasdaq Global Select Market under the ticker symbol BECN. To learn more about Beacon, please visit www.becn.com.

Contacts

INVESTOR CONTACT
Binit Sanghvi

VP, Capital Markets & Treasurer

Binit.Sanghvi@becn.com
972-369-8005

MEDIA CONTACT
Jennifer Lewis

VP, Communications and Corporate Social Responsibility

Jennifer.Lewis@becn.com
571-752-1048

Not for distribution to U.S. News Wire Services or dissemination in the United States.

TORONTO–(BUSINESS WIRE)–Choice Properties Real Estate Investment Trust (“Choice Properties”) (TSX: CHP.UN) announced today that the trustees of Choice Properties have declared a cash distribution for the month of September, 2024 of $0.063333 per trust unit, representing $0.76 per trust unit on an annualized basis, payable on October 15, 2024 to Unitholders of record at the close of business on September 30, 2024.

About Choice Properties Real Estate Investment Trust

Choice Properties is a leading Real Estate Investment Trust that creates enduring value through places where people thrive.

We are more than a national owner, operator and developer of high-quality commercial and residential real estate. We believe in creating spaces that enhance how our tenants and communities come together to live, work, and connect. This includes our industry leadership in integrating environmental, social and economic sustainability practices into all aspects of our business. In everything we do, we are guided by a shared set of values grounded in Care, Ownership, Respect and Excellence.

For more information, visit Choice Properties’ website at www.choicereit.ca and Choice Properties’ issuer profile at www.sedarplus.ca.

Contacts

For further information:
Mario Barrafato

Chief Financial Officer

Choice Properties REIT

(416) 628-7872

Mario.Barrafato@choicereit.ca