When most investors hear the word infrastructure, they probably picture highways, bridges, or power lines. I picture something a little different: businesses that own or build the essential assets our economy depends on every single day. These aren’t usually the stocks making headlines, but that’s exactly why I like paying attention to them. While everyone else is chasing the latest trend, infrastructure companies are often quietly generating cash flow, paying dividends, and investing in assets that can remain valuable for decades.
I also think the timing is interesting. Governments continue investing billions into infrastructure projects, electricity demand is rising thanks to AI and data centres, and North America remains focused on energy security and modernizing aging infrastructure. Those aren’t short-lived trends—they’re themes that could shape the next decade. If I were building a long-term Canadian portfolio today, these are five infrastructure stocks I’d have at the top of my watchlist.
#5 – Pembina Pipeline (PPL.TO)
Approximate Share Price: $66
Market Capitalization: $38 billion
Approximate Dividend: 4.2%
Industry: Energy Infrastructure
Why It Made My List
Pembina earns a spot because it gives investors exposure to Canada’s energy sector without relying entirely on oil and natural gas prices. Instead of producing commodities, Pembina makes much of its money transporting, processing, and storing them. That creates a business model that’s generally more predictable than many traditional energy companies. With Canadian energy production remaining strong and LNG exports expected to grow over time, I think companies that own critical infrastructure could continue benefiting regardless of where commodity prices move in the short term.
What I Like
One thing I really like about Pembina is the consistency. Long-term contracts help produce stable cash flow, which supports capital investment while also funding an attractive dividend. Management has generally taken a disciplined approach to growth, and the company has built an impressive network of assets that would be extremely difficult to replicate today. For me, that’s exactly what I want from an infrastructure investment.
One Thing I’d Watch
Major projects always come with execution risk. Construction delays, changing regulations, or cost overruns can reduce expected returns, so it’s something I continue watching whenever Pembina announces new expansion plans.
Would I Buy Today?
Personally, yes. I don’t expect Pembina to be my fastest-growing investment, but I’d be comfortable owning it for many years while collecting the dividend along the way.
#4 – Bird Construction (BDT.TO)
Approximate Share Price: $64
Market Capitalization: $3.5 billion
Approximate Dividend: 1.3%
Industry: Construction & Infrastructure Services
Why It Made My List
This might surprise some investors, but I think Bird Construction deserves far more attention than it gets. Canada is entering another wave of infrastructure spending. Governments continue investing in transportation, healthcare, education, energy, mining, and public facilities, while private companies are building data centres, manufacturing plants, and renewable energy projects. Bird has exposure to many of those opportunities. Rather than owning infrastructure, Bird helps build it—and I think that’s an attractive place to be over the next several years.
What I Like
One thing I’ve noticed is how much Bird has evolved. This isn’t simply a traditional construction company anymore. Through acquisitions and strategic growth, the business has expanded into industrial maintenance, recurring services, and higher-value infrastructure projects. That diversification helps reduce some of the earnings volatility that construction companies have historically faced. Management has also done a solid job growing both revenue and its project backlog without taking on excessive financial risk.
One Thing I’d Watch
Construction can still be a difficult business. Unexpected project delays, labour shortages, or rising material costs can pressure margins, so I’d continue monitoring profitability just as closely as revenue growth.
Would I Buy Today?
Yes. I’d expect more ups and downs than I’d see with a utility or pipeline company, but I think Bird offers one of the more interesting long-term infrastructure growth stories in Canada.
#3 – Canadian National Railway (CNR.TO)
Approximate Share Price: $172
Market Capitalization: $104 billion
Approximate Dividend: 2.1%
Industry: Rail Transportation
Why It Made My List
Some investors don’t immediately think of railways as infrastructure. I absolutely do. Canada simply couldn’t move goods efficiently without companies like Canadian National. Grain, automobiles, lumber, fertilizer, chemicals, consumer products—you name it, CNR helps move it across the country. As Canada’s economy grows over time, demand for efficient freight transportation should continue growing alongside it.
What I Like
The longer I follow Canadian National, the more impressed I become. Building a competing railway across Canada today would be almost impossible from both a financial and regulatory standpoint. That’s a competitive advantage very few businesses can claim. The company has also demonstrated excellent operational discipline, strong cash flow generation, steady dividend growth, and regular share repurchases. It’s the kind of business that quietly compounds shareholder wealth over decades.
One Thing I’d Watch
Freight volumes tend to slow during economic downturns. Even great businesses aren’t immune to recessions, so I’d expect occasional periods where earnings growth temporarily stalls.
Would I Buy Today?
Absolutely. If I were investing for the next 20 years instead of the next 20 months, Canadian National would remain one of my highest-conviction Canadian holdings.
#2 – Fortis (FTS.TO)
Approximate Share Price: $81
Market Capitalization: $41 billion
Approximate Dividend: 3.1%
Industry: Regulated Electric & Gas Utilities
Why It Made My List
If there’s one company that perfectly represents infrastructure investing, I think it’s Fortis. The company owns regulated electric and natural gas utilities across Canada, the United States, and the Caribbean. These are essential assets that people depend on every day, regardless of what’s happening in the economy. That’s a business model I can appreciate. With electricity demand expected to increase because of AI, electric vehicles, industrial expansion, and data centres, utilities are becoming even more important than they already were.
What I Like
The biggest reason I like Fortis is its predictability. People don’t stop using electricity because the economy slows down. That stability has allowed Fortis to increase its dividend for more than 50 consecutive years, one of the longest streaks in Canada. Management also continues investing billions into upgrading and expanding its regulated asset base, creating a clear path for future earnings growth without taking unnecessary risks.
One Thing I’d Watch
Utilities are sensitive to interest rates. Higher borrowing costs can pressure valuations because companies like Fortis finance large infrastructure projects over many years. It’s not something that changes my long-term outlook, but it’s definitely worth monitoring.
Would I Buy Today?
Yes. I don’t expect Fortis to be a high-flying growth stock, but I’d happily own it as one of the foundational pieces of a long-term dividend portfolio.
#1 – Brookfield Infrastructure Partners (BIP-UN.TO)
Approximate Share Price: $53
Market Capitalization: $41 billion
Approximate Dividend: 4.8%
Industry: Global Infrastructure
Why It Made My List
If someone asked me to choose one infrastructure investment from this entire list, Brookfield Infrastructure Partners would probably be my answer. It owns exactly the kinds of assets I want exposure to as a long-term investor. Utilities, pipelines, rail networks, ports, cell towers, fibre infrastructure and data infrastructure. And those assets are spread across multiple countries rather than concentrated in a single market.
One trend I’m paying particularly close attention to is AI infrastructure. Everyone focuses on the companies building AI chips, but very few people talk about the enormous amount of physical infrastructure required to support that technology. Data centres need electricity, Electricity needs transmission networks, communications require fibre. Brookfield participates in many of those long-term trends.
What I Like
What really stands out to me is management’s capital allocation. For years, Brookfield has acquired quality infrastructure assets, improved operations, generated reliable cash flow, and recycled capital into new opportunities. It’s a disciplined strategy that has produced impressive long-term results. I also like the diversification. If one sector or region slows down, the entire business doesn’t depend on a single asset or economy.
One Thing I’d Watch
Brookfield’s partnership structure can be a little more complicated than a typical Canadian corporation. I’d encourage investors to understand how it works before buying, and I’d also continue watching interest rates since infrastructure assets require significant long-term capital investment.
Would I Buy Today?
Personally, yes. If I wanted one infrastructure-focused investment to own for the next decade or longer, Brookfield Infrastructure Partners would probably be my first choice.
Final Thoughts
Looking across these five companies, one thing becomes pretty clear. Infrastructure isn’t becoming less important—it’s becoming more important. AI requires massive amounts of electricity and data infrastructure. Population growth demands new housing, transportation, and utilities. Governments continue investing in roads, hospitals, schools, and energy projects. Businesses need reliable networks to move goods, power operations, and connect communities.
Every company on this list benefits from those trends in a different way. That doesn’t mean they’ll outperform every year. Construction projects can run into delays. Utilities are affected by interest rates. Freight volumes fluctuate with the economy. Even the best businesses experience challenging periods.
But if your goal is to build a portfolio around durable companies that own or build assets society depends on, I think infrastructure deserves serious consideration. This list is best suited for investors who value steady compounding over chasing the next hot stock. Personally, I’ll continue watching this sector closely because some of the best long-term investments aren’t always the most exciting—they’re simply the businesses that keep the world running, year after year.