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By Newfoundland and Labrador Ministry of Industry Energy and Technology
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An investment by the Department of Industry, Energy and Technology will help a St. Anthony, N.L.,-based construction company manufacture homes and utility buildings. Andrew Parsons, minister of Industry, Energy and Technology, has announced a $90,000 loan from the Business Investment Program for Rose’s Concrete and Construction as it undertakes a project to build modular housing.
Rose’s Concrete and Construction specializes in residential, commercial and industrial concrete work. The company has been approached about building modular units for both storage and housing. Funding will be used to purchase and upgrade property in St. Anthony, as well as equipment for building the homes. Rose’s will use a digital platform to design and showcase the buildings, making it easy for customers to visualise and customize the final product. The business already has orders and is aiming to deliver its first products in the fall of 2025. The support under Industry, Energy and Technology’s program will help the client leverage an additional $260,000 from other sources.
Modular construction of homes presents a more affordable way for residents to become homeowners. It is an efficient and cost-effective way to build the additional affordable housing the province needs.
The Business Investment Program provides term loans to small and medium-sized enterprises in strategic growth sectors as identified by Industry, Energy and Technology. Funds are provided to complement funding from conventional sources, where a need has been demonstrated, and are also intended to increase the capital base of businesses allowing them to leverage new private-sector investments.
“As we continue to explore creative options to improve and expand our housing portfolio, we are pleased to see this St. Anthony-based construction company expand its operation with provincial funding,” said Sarah Stoodley, Acting Minister of Housing. “Modular housing has the potential to expedite housing construction, and having local companies enter this space is a welcome development. We wish Rose’s Concrete and Construction much success with its expansion into this exciting new design model.”
“Modular construction is an exciting new project for Rose’s Construction and an excellent way to diversify our business’s services,” Robin Rose, Owner of Rose’s Concrete and Construction, commented. “We are very grateful to the provincial government for providing this loan, which will help us continue to grow our business here on the Northern Peninsula.”