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Spanish infrastructure and construction group Fomento de Construcciones y Contratas (FCC) said it has been awarded a EUR304 million contract to construct an extension of the Toronto subway system in Canada.
The Spanish construction group, which manages large infrastructure projects around the world, has been chosen to build a 4.5-kilometer section of what is expected to be a longer extension plan of the subway system.
FCC has been involved in rail projects in other major cities, but the Toronto subway contract represents its first such project in Canada.
The Spanish group announced it had won the contract as a new report, entitled "The Future of the Construction Equipment Market in Canada to 2015", predicts that the Canadian construction equipment market will register a compound annual growth rate of 3.36% during the forecast period to 2015.
Such a rate of growth would value Canada's construction equipment market at US1.5 billion by 2015, following a fall in the overall demand for such equipment in 2009 due to the global economic downturn.
However, the report notes that the construction equipment market is expected to improve throughout the forecast period due to the growing demand for non-residential buildings and the implementation of strict emission regulations for off-road engines, including construction equipment, which will increase the number of new equipment purchases.
Author: Justin Cole, analyst.
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