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