IBI Group ($IBG.CA) has three business units, but half of it’s business is in the design and development of commercial and residential high rise developments.

It appears that this Toronto-based gem is doing over 2X the business in the GTA vs. what they were doing just 2 years ago.

Furthermore, the 2nd half of 2021 it looks like their Buildings business has just sky-rocketed.

2021-Q4 performance and backlog in buildings could be ...huge.

Via the UrbanToronto.ca website Below are the number for IBI-involved projects.

DEC 2021 - 248 Projects Total 50 Complete, 57 Under Construction, 140 pre-consruction and 1 on-hold.

May 2021 - 175 Projects Total 39 Complete, 43 Under Construction, 92 pre-consruction and 1 on-hold.

DEC 2020 - 147 Projects Total 32 Complete, 42 Under Construction, 72 pre-consruction and 1 on-hold.

JUL 2019 - 115 Projects Total 27 Complete, 28 Under Construction, 59 pre-construction and 1 on-hold. Another source to gauge development is the RLB Crane Index.

Further DD:
IBI is situated in the exact epicentre of building growth kn all of North America. Toronto has more cranes than all of the following cities combined:

LA, Boston, Seattle, Boston, New York, Washington, Chicago. Portland, Vegas, Phoenix, Devnver, San Fran, etc.

220 Cranes - Q3-2021 https://urbantoronto.ca/news/2021/09/uli-panel-discuss-cranes-toronto-skyline-and-more-week

120 Cranes - Q3-2019 (2 Years earlier) https://canada.constructconnect.com/dcn/news/economic/2019/08/toronto-tops-crane-count-list

Analysts have a $17 to $20 PT on this. It sits at $13. I’m in deep…40k at $2 (not a typo), but do your own DD / NFA.