Canada’s construction industry: resilient in the face of adversity
While many provinces across the country continue to remain under strict health measures due to rising COVID-19 case numbers, the outlook for 2021 is cautiously optimistic.
The 2021 spring edition of our Canada market intelligence report provides an analysis of Canada's construction economy. Along with a national economic overview, we have included an in-depth analysis of the provincial construction markets in British Columbia (BC), Alberta and Ontario.
British Columbia: BC’s economy is expected to rebound in 2021 with an anticipated real GDP growth of 6.3 percent. Continued capital investments along with a pentup demand and various supply shortages have significantly boosted consumer spending and are leading the recovery in BC.
Alberta: The outlook for 2021 is more positive with backed government investment in healthcare, schools and transportation. Alberta is forecasted to see the greatest increase across Canada in year-over-year growth from 2020 to 2021.
Ontario: Despite the economic uncertainty, the construction industry in Ontario remains strong even in the face of restricted operations that were implemented in mid-January 2021 for a period of eight weeks.
Ongoing investment in 'shovel-ready' projects will drive infrastructure spend by the federal and provincial governments. However, while this appears to be good news, the future for many in the province remains uncertain.
Construction costs and escalation
While many industries deal with the negative impact of the third wave, the construction industry has proven to be remarkedly resilient in the face of adversity.
For all the analysis and insights on the Canadian construction market, including the construction cost guide for a broad range of building asset classes for 11 cities across Canada download the full report, by completing this short form.