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Construction Declines, But Experts Predict Explosive Growth Long-Term

I’m hopeful that things will calm down in the new year, but the construction industry continues to face large increases in overall costs. Inflated price increases for steel, wood and almost every other construction item have taken a toll, as these new numbers show.  Building construction investment in Canada continued to slow down in September, according to numbers from Statistics Canada.  Total investments in the industry declined by 0.7 per cent in September for a total of $17.5 billion, showing that a downward trend that began in May continues to affect the market, StatCan data concluded.  Residential construction investment decreased by 1.6 per cent in September, with Quebec responsible for the majority of the decrease. At the same time, StatCan data shows that investment in this area was still 21.6 per cent higher than in February 2020 — just before pandemic restrictions hit North America.  StatCan also found that investment in single-family homes also slowed by about 0.6 per cen
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Canada’s construction industry poised for modernization

The big story about Canadian construction is that it continues to show signs of resilience to the pandemic.  In one of many positive signs, BuildForce Canada announced April 1 that Ontario and Nova Scotia will “lead the way” for new construction jobs, according to its 2021–2030 Construction and Maintenance Looking Forward report . But that’s only part of the story. There are several reasons why the Canadian construction industry will likely become one of the most modern, stable construction industries in the world.  Canada’s political climate lacks the polarization that often prevents governments from passing important legislation for re-investment in infrastructure.  Leaders in the construction industry are already making strides to improve recruitment, which will be crucial to ensuring we have skilled workers that can do the work as older generations retire.  And some of the biggest construction business and trade organizations have begun outreach efforts to close the gender gap and
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Amid pandemic, hopeful signs in development sector

Construction remains one of the most important industries for the Canadian economy, employing 1.2 million people who represent 7 percent of the country’s workforce. The industry could be worth $455 billion by 2024, according to a report from Randstad.  The COVID-19 pandemic has affected every part of the economy, of course, including construction, and industry experts said it could take years before investments rise back to pre-pandemic levels.  However, there are hopeful signs.  The development and construction industry have not been hampered by social distancing measures as much as other sectors, like restaurants and retail, and engineering construction continues to offset declines in ICI construction (industrial, commercial and institutional).  Industry experts expect that trend to continue for several more years, according to Daily Commercial News .  Construction revenues overall have remained stable in Canada and the US. As governments look for ways to reinvest, the construction
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