Building more homes, faster on P.E.I.

From: Atlantic Canada Opportunities Agency

News release

Truss manufacturer responding to the region’s surging demand for housing

August 1, 2024 · Kensington, Prince Edward Island · Atlantic Canada Opportunities Agency (ACOA)

Housing is one of the biggest pressures facing people on Prince Edward Island, and across Canada. To meet this demand, we need to build homes faster, at prices people can afford. That means changing the way we build homes. Atlantic Canada has the workforce, natural resources and businesses to meet this challenge head on. That is why the Government of Canada is investing to help a Prince Edward Island company expand, meeting this demand and increase the Island’s housing supply.

Empowering construction industry through automation and new technology

Today, the Honourable Gudie Hutchings, Minister of Rural Economic Development and Minister responsible for ACOA announced a repayable contribution of $2 million to Island Structural Systems Inc. (ISSI) for the establishment of an automated truss manufacturing facility.

This investment supported the purchase of highly specialized automated equipment for ISSI’s new 25,000 square foot facility, which will address a significant bottleneck in residential and commercial construction on Prince Edward Island.

Today’s announcement further demonstrates the Government of Canada’s commitment to responding to regional needs and opportunities by helping Atlantic Canadian manufacturers become more productive and competitive. 

Quotes

“Building homes faster, means changing how we build homes. Great Atlantic Canadian companies like Island Structural Systems are leading the way to helping more folks find homes, at prices they can afford.”

-        The Honourable Gudie Hutchings, Minister of Rural Economic Development and Minister responsible for ACOA

“Prince Edward Island companies understand that their products and expertise are needed now more than ever to help increase our housing supply. Automation is a powerful accelerator, so I am happy to see Island Structural Sytems Inc. receive the support they need to help keep up with demand.”

-      Heath MacDonald, Member of Parliament for Malpeque

“The strategic support that we’ve received from ACOA contributes not only to the viability of rural PEI’s commercial core and industrial operations by creating economic growth, but also generates meaningful employment for rural residents. This facility enables our organization to close the gap on supply chain demands in allowing us to increase productivity by producing locally rather than importing a critical product line for building projects in PEI.“

-      Matthew Bowness, General Manager/Owner, Island Structural Systems Inc.

Quick facts

  • Island Structural Systems Inc. are specialists in wood roof trusses, floor joist, and engineered products for residential, commercial, agriculture, and industrial construction products. are specialists in wood roof trusses, floor joists, and engineered products for residential, commercial, agriculture, and industrial construction products. 

  • With a 14.1% five-year growth rate, PEI led all Canadian provinces and territories in population growth over the last five years. 

  • Prince Edward Island’s apartment vacancy rate was 1.1% in 2023. The construction sector is currently adding 1,400 housing units per year, while officials estimate that demand is closer to 2,000 units per year.

  • Canada’s Housing Plan lays out a strategy and budget to build more homes, make it easier to own or rent a home, and help Canadians who can’t afford a home. 

  • The funding announced today is provided through ACOA’s Regional Economic Growth through Innovation (REGI) program, which helps businesses accelerate their growth so they can be more productive, compete on the world stage and reach new markets.

Associated links

Contacts

Connor Burton
Press Secretary
Office of the Minister of Rural Economic Development and Minister responsible for the Atlantic Canada Opportunities Agency
Connor.Burton@acoa-apeca.gc.ca  

David Fleming
Communications Manager
Atlantic Canada Opportunities Agency
david.fleming@acoa-apeca.gc.ca

Matthew Bowness
President/CEO
Island Structural Systems Inc.
mbowness@issipei.com

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