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IO market update: Total value of contracts currently in construction $45 billion

IO market update: Total value of contracts currently in construction $45 billion

TORONTO — The first Market Update of 2023 from Infrastructure Ontario (IO) includes a listing of 38 projects in pre-procurement and active procurement totalling more than $35 billion in estimated design and construction costs.

The list also includes 16 government-announced projects in the initial stages of planning. Scope, timing and delivery models are still being determined.

The most recent update reflects the progress made on projects already included in the November 2022 Market Update. Three projects have advanced to partnership stages: Scarborough Subway Extension – Stations, Rail and Systems; Weeneebayko Area Health Authority – Health Campus; and Niagara Health’s New South Niagara Hospital Project.

Two projects, which were previously in pre-procurement, the Garden City Skyway and Ottawa Hospital’s New Civic Redevelopment, have been brought to market with procurements launched within the past three months.

Progress has also been made with the recent opening of the Highway 401 expansion through Mississauga and Milton as well as reaching substantial completion of the new Toronto courthouse.

The total value of contracts currently in construction is approximately $45 billion, not including the additional contracted value to ensure the long-term operations and maintenance of assets on projects such as the Metrolinx GO Rail Expansion On-Corridor works, states a release.

With the challenges the construction sector is facing, IO has take a number of initiatives to adapt including:

  • Working closely with government to ensure project cost estimates are appropriately updated.
  • Continuing to work with industry partners to manage any escalations during active procurements and introducing indexing mechanisms on major transit projects.
  • Continuing to be careful regarding the staging of projects so IO and the market have the capacity to deliver.
  • Ensuring the projects put to market are ready to be procured with relevant details regarding scope and readiness that lead to positive technical and commercial discussions.
  • Examining and updating contracting approaches to address the changing market dynamics and the increasingly complex projects being delivered.

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