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