Photo Credit: Element5

ONTARIO 💵 Ontario Investing $3.5 Million in Mass Timber Manufacturer to Build More Homes Faster 🧑🔎🏠

Sunday, 11 August 2024 04:33.PM

- Province releases plan to advance wood construction as a cost-effective way to bolster housing supply -

The Ontario government is investing $3.46 million in Element5 to help the mass timber manufacturer expand its operations. The company is Ontario’s first certified manufacturer of cross-laminated timber, part of the fast-growing field of advanced wood construction which builds faster and more efficiently than traditional building materials.

This funding will more than triple the company’s production, creating 32 new jobs, increasing revenue by over 300 per cent and boosting export sales by nearly 600 per cent.

“With more space and new equipment, Element5 will be able to meet growing demand for their high-quality products and get more building projects done quickly and efficiently,” said Graydon Smith, Minister of Natural Resources. “This company is an advanced wood construction success story, powering growth and development across Ontario, Canada and the U.S.”

Advanced wood construction assembles building materials off-site before installation, reducing on-site disruption, completing projects up to 50 per cent faster and reducing costs by up to 20 per cent. Advanced wood construction also offers environmental benefits, by using wood as a sustainable alternative to traditional building materials while supporting the forestry sector.

The Ontario government has released an action plan designed to expand wood construction in the province. The Advanced Wood Construction Action Plan positions Ontario to lead the fast-growing sector by using more wood in the construction of mid-rise and tall multi-family residential, commercial and industrial buildings: creating forest sector opportunity by diversifying and growing demand for sustainably-harvested wood.

“With our sustainably-managed forests, forest sector expertise and access to key export markets, Ontario has a unique advantage in wood construction,” said Nolan Quinn, Associate Minister of Forestry. “Our government’s action plan will use that advantage to expand the forest sector, create jobs and grow communities by building homes and businesses faster.”
The Advanced Wood Construction Action Plan will be available for public review and comment on the Environmental Registry, ending on September 30.

The investment in Element5 and the release of the draft action plan advances Ontario’s forest sector strategy goals – including increasing wood use and growing markets – by making more pre-manufactured building materials available to support faster construction across the province.

Quick Facts

• Using mass timber and wood construction for modular and prefabricated buildings will be essential to achieving the government’s goal of building 1.5 million new homes by 2031.
• Element5’s $23 million project will help the company meet rising demand for mass timber construction materials, expected to increase between 10 to 25 per cent each year during the next decade.
• The Forest Sector Investment and Innovation Program provides financial support for projects that will improve productivity, increase innovation, support market expansion, strengthen regional economies and supply chains, and positively impact Ontario’s broader forest sector.
• The forest sector generated $22.8 billion in revenue from the sale of manufactured goods and services in 2022 and supported more than 137,000 direct and indirect jobs in 2023.

"Today's investment is our government's latest commitment to support innovation, helping our partners build homes faster and keep construction costs down while boosting Ontario’s economy. We will continue to do everything we can to get shovels in the ground, including cutting red tape to allow an expanded use of mass timber."
- Paul Calandra, Minister of Municipal Affairs and Housing

SOURCE: Ontario Ministry of Natural Resources

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