Construction companies rallied on the back of Carney’s latest nation building announcement: the first five projects to be reviewed for fast-tracking.

Included in the list are expansions at the Darlington Nuclear Station and Port of Montreal, two projects where Bird, Aecon, and AtkinsRealis are heavily involved.

The latter two have their hands all over the Darlington Nuclear expansion, with Aecon and AtkinsRealis running point on all construction and engineering services, respectively. Bird’s role as an infrastructure provider is smaller, but still material…

… and it will likely play a similar role at the Port of Montreal, thanks to its recent $80M acquisition of FRPD - Canada’s largest marine infra and dredging company. Aecon’s 40% stake in the construction partnership should also result in a windfall.

The stage is set for a Canadian rebuild, with generational tailwinds in nuclear and infrastructure. But as I’ve highlighted recently with both Bird and Aecon, valuations haven’t caught up.