Feds announce support for Ottawa rental housing
The federal government today announced a $161.4-million low-cost loan to help construct a multi-tower development in Ottawa known as Claridge Royale. Funding is going towards two residential towers located at 245 Rideau St. and 265 Rideau St. In total the residences will contain 489 units, including 121 that must be at or below 30 per cent of the median household income.
White Cap acquires NCA
White Cap Supply Canada Inc. reported today it has closed on the previously announced agreement to acquire National Concrete Accessories Canada Inc., an Alberta corporation. NCA is now part of White Cap Supply Canada, which is comprised of Brafasco and Brock White Canada, forming a single Canadian business. The firm sells concrete accessories and chemicals, tools and equipment, building materials and fasteners, erosion and waterproofing and safety products. White Cap operates nearly 400 branches across the U.S. and Canada.
StatsCan documents decline in transit use
Statistics Canada reported last Friday while public transit ridership recorded a second straight year-over-year increase in May, it still remained far below pre-COVID levels. Almost 50 million passenger trips were made in May, 106 million fewer than were taken during the same month in 2019; that amounts to 68.3 per cent fewer trips. In May, just under one-third (30.6 per cent) of Canada’s non-absent workers continued working from home.
ArcelorMittal receives $400M in federal funding
The federal government has announced funding of $400 million for ArcelorMittal Dofasco G.P., a Hamilton, Ont.-based producer of flat-rolled steel. The spending, announced July 30, will support a $1.765-billion project to convert the steel production process and phase out coal-fired steelmaking at its facilities in Hamilton. The firm is transitioning to hydrogen fuel power.