b'PRESIDENTS MESSAGEWE WILL NEVER KNOW FOR CERTAIN WHAT LIES AHEAD. IF I KNEW THAT, I WOULDNT BE DRIVING A USED CAR. EREF CT AWARD WINNING BUILDING REVITALIZATIONR ION recovers enough to make a genuine difference. I amWATERWORKSOOFMCANADoptimistic that the slow recovery wont translate into I A Smass insolvencies, but if Im right, it does suggest M LAR SME contractors will need to pay closer attention to A GESTtheir balance sheets.BRINGING VISIONG I SUG I would love nothing more than to be wrong. Our N ARR has a change of heart and backs off on tradeTO LIFEA EFIN market is complex and there are lots of disruptors T ERY ,that could impact the recovery. Perhaps Trump I HAO MIL ON, ONTN T tariffs. Federal and provincial elections may haveT greater positive economic impacts than expected. O ARIO RE Immigration reform may diminish the impact of the A IL TY labour crisis. The industry may suddenly embrace the industrial revolution. Governments might reduce red tape and streamline approval timelines, which today are the third worst in the G20. And affordable housing. But what if they dont? FABRICATION OF COMPLEX governments might add meaningful subsidies for EREF CT We will never know for certain what lies ahead. If ISTEEL STRUCTURESR IO AWARD WINNING BUILDING REVITALIZATIONO N O knew that, I wouldnt be driving a used car. What IWATERWORKSF CMI ANADAS do know is that the fittest will survive 2025, and the M ALARGEST rest of us would be well advised to carefully watch GSUGAR our balance sheets until the recovery is both realBRINGING VISIONINA REFINER, HAMILTON, ONT and meaningful. We are a resilient bunch, and 2025TO LIFETIONY should be marginally better for GTA constructors TO REALITY ARIO than 2024. That is good news even if the recovery is slow. That said, be careful and survive. We owe ourselves that. FABRICATION OF COMPLEX Respectfully, STEEL STRUCTURES72 Commercial Rd. Bolton, Ontario L7E 1K4 CanadaJohn Mollenhauer TCA President & CEO 72 Commercial Rd. Bolton, OntarioL7E 1K4 CanadaBUILDERSDIGEST Quarter 420247'