In this edition:
- Niagara Parks announces transformational private sector investment
- Ontario government welcomes Heddle Shipyards’ manufacturing investment
- Interest rates, inflation hamper efforts to meet provincial housing targets in Niagara
- Terms of the new deal between Ontario and Toronto
- Statistics Canada conducted the Canadian Survey on Business Conditions
- Air Transat faces strike as soon as January
- Niagara College welcomes battery donation from Niagara-on-the-Lake Hydro
- Focus on Small Business
Niagara Parks announces transformational private sector investment
Niagara Parks is proud to announce the conclusion of the three-stage public procurement process to restore and to redevelop the Toronto Power Generating Station, with Pearle Hospitality named as the successful proponent.
The extensively researched proposal submitted by Pearle outlines a transformational private sector investment of over $200 million that will restore the National Historic Site while creating an unparalleled visitor experience befitting of its location overlooking the iconic Canadian Horseshoe Falls.
Ontario government welcomes Heddle Shipyards’ manufacturing investment
The Ontario government is welcoming an investment of over $107 million by Heddle Shipyards, the largest ship repair and construction company on the Great Lakes. This investment will be used to tackle complex Vessel Life Extension (VLE) projects at the company’s Port Weller Dry Docks in St. Catharines and create 30 new, good-paying jobs in the region.
VLEs are designed to significantly extend the life of marine vessels. With their $107 million investment, Heddle Shipyards will implement the processes, engineering, training and equipment needed for VLE projects, including on-the-job training for skilled trades and support staff, automated manufacturing technologies and the use of 3D scanning for manufacturing projects.
As part of this investment, the government is providing Heddle Shipyards with over $3.4 million through the Advanced Manufacturing and Innovation Competitiveness stream of its Regional Development Program.
Interest rates, inflation hamper efforts to meet provincial housing targets in Niagara
While Niagara’s three largest municipalities can clear the way to achieve provincial targets for new residential development, they can’t make developers build the homes.
“The interest rates are high and demand is getting lower, so they’re not building,” said Welland Mayor Frank Campion.
Ontario has set targets to build 23,300 homes in Niagara’s three largest municipalities by 2031, with 4,300 new housing units to be built in Welland, 8,000 in Niagara Falls and 11,000 in St. Catharines.
But according to the province’s housing supply progress website, Welland is the only one of the three municipalities that is so far meeting targets.
Terms of the new deal between Ontario and Toronto
The Government of Ontario and City of Toronto have reached a new deal to help achieve long-term financial stability and sustainability for the city. The deal includes the following:
- Up to $1.2 billion in provincial operating supports over three years for a) new subway-integrated provincial transit projects, b) one-time fund to increase transit ridership and transit safety and c) additional non-refugee shelter and homelessness prevention support.
- Up to $7.6 billion in capital relief for Toronto by a) uploading the Gardiner Expressway and Don Valley Parkway highways to the province and b) funding for new subway trains.
Statistics Canada conducted the Canadian Survey on Business Conditions
In this macroeconomic context, Statistics Canada conducted the Canadian Survey on Business Conditions from October to early November 2023. The survey collects information on the environment businesses are currently operating in and their expectations moving forward.
Businesses continued to expect to face a variety of obstacles: primarily cost-related obstacles such as rising inflation and rising costs of inputs. However, pressures faced by businesses have continued to ease in the fourth quarter of 2023 relative to the previous three quarters.
Air Transat faces strike as soon as January
Air Transat flight attendants are in a position to strike as soon as Jan. 3 after an overwhelming majority voted to give their union a mandate to walk off the job if a new labour deal can’t be reached.
A unit of The Canadian Union of Public Employees, which represents more than 2,100 Air Transat workers, says 99.8 per cent of them voted to go on strike if necessary if their union can’t hammer out a new collective bargaining agreement with the Montreal-based airline.
Niagara College welcomes battery donation from Niagara-on-the-Lake Hydro
A 250kW industrial battery storage unit was donated to the Daniel J. Patterson campus, courtesy of NOTL Hydro. The battery will be used by NC for energy storage for peak demand management, and to support academic study in the Schools of Environment and Horticulture, and Trades.
“Niagara College is grateful to NOTL Hydro for this generous donation which aligns with and will help advance our commitment to sustainability outlined in our Strategic Plan,” said Pam Skinner, Senior Vice-President, College Operations. “Energy storage will benefit the College and our community by reducing both our peak electricity demand and our strain on the local grid.”
Did you know?
Leonardo da Vinci designed the first car in 1478. In 2004, the design was actually built, and currently resides in the Institute and Museum of the History of Science in Florence, Italy.
Focus on Small Business
8 major factors to consider when selling your business
Young Entrepreneur Council, Forbes
For many entrepreneurs, the prospect of a buyout offer can be tempting. However, amid the whirlwind of excitement and potential financial gain, it’s important not to lose sight of critical factors that can significantly impact the deal.
Here, Young Entrepreneur Council members share what they consider the most critical factors to consider before selling your business.
Through the Daily Updates, the GNCC aims to deliver important business news in a timely manner. We disseminate all news and information we feel will be important to businesses. Inclusion in the Daily Update is not an endorsement by the GNCC.
