Infrastructure Ontario releases latest Market Update

Infrastructure Ontario and the Ministry of Infrastructure released the December 2023 Market Update, which includes a listing of 31 projects in pre-procurement and active procurement (totalling more than $35 billion in estimated design and construction costs). December’s list also includes 20 government-announced projects in the initial stages of planning, for which scope, timing and delivery model are still being determined.

Since the previous Market Update of March 2023:

• Advanced three projects to construction and another three projects have been added including justice, tourism and culture.
• Achieved contract execution on three projects, and executed one development phase agreement, demonstrating continued progress in successfully concluding procurements and executing on Government’s priorities.
• Achieved Substantial Completion for 3 projects:
  • GO Expansion — Stouffville Corridor
  • Highway 401 Expansion
  • West Park Healthcare Centre
• As our new Progressive P3s advance, we are working with development partners on all three hospital projects (Weeneebayko Area Health Authority (WAHA) Redevelopment, Trillium Health Partners Broader Redevelopment — Peter Gilgan Mississauga Hospital, and the Ottawa Hospital Civic Campus Redevelopment) before proceeding with a fixed-price contract.

“This update reinforces the relentless progress IO and its partners continue to make, despite the significant challenges facing our industry around the globe,” said Infrastructure Ontario CEO, Michael Lindsay. “Since 2020, IO has brought 30 projects to market, began construction on 24 projects and achieved substantial completion of 30 projects. In just the last four years, we have completed eleven hospitals, six justice facilities, and ten transit and transportation projects. We saw excellent competition in all but one or two of our largest hospital projects during this tumultuous time. The total value of contracts currently in construction is approximately $43 billion, not including the three Progressive P3 hospital projects in Mississauga, Ottawa, and Moosonee for which we have now identified a development partner.

“Our track record of success is crucial in maintaining the confidence of taxpayers and decisionmakers. We do that by delivering projects on budget and on schedule well above industry standards. As of March 2023, IO had brought 80 projects to substantial completion since the inception of its capital delivery program almost 20 years ago. More than two-thirds of those projects (68 per cent) have been completed on schedule and 94 per cent have been completed on budget.”

Featured image: West Park Healthcare Centre. (Infrastructure Ontario)