Canada market intelligence report 2022
Gerard McCabe
Managing Director, Canada
Canada’s growing economy is defined by global challenges and the adoption of net-zero and environmental, sustainability and governance (ESG) targets.
Our 2022 Canadian construction market intelligence report provides market analysis, sector insights and a construction cost guide for a wide range of building asset classes across major cities in Canada. The cost guide benchmarks new construction (measured in CAD$/sq ft) for a variety of different sectors, including residential, commercial, retail, education, healthcare, government and public buildings, industrial manufacturing and high technology, sports, hospitality, and life sciences.
Economic overview
As Canada’s economy continues to grow, the tight labour market and supply chain disruptions will continue to impact productivity, the availability and cost of goods, and building commodities. This will result in inflation remaining elevated which, in our view, is likely to define the rest of the year for the construction sector.
Infrastructure investments have been prioritised in many provinces and, in the last year, we have seen debate about the best way to structure major projects, to ensure equitable risk for public and private stakeholders. We expect this conversation will continue into 2022, and a shift in procurement policy may prioritise a quality-based approach in lieu of the traditional lowest-bidder rule.
Additionally, ESG considerations are playing an ever-greater role in how and why capital is invested, prompting the construction sector to transform itself through innovation and financial commitments to sustainable, net-zero policies.
Sector focus
The publication also explores:
- Real estate – Can existing stadiums deliver the experience expected of world-class events? – The recent trend from bidding hosts capitalises on the shift towards re-use rather than new build. The challenge for organisers and stadium owners is to adapt and retrofit stadiums to create the ‘razzmatazz’ expected of a newly built stadium at an event on the world stage.
- Infrastructure – Airports adapt to best-in-class resiliency – With an increasing number of black-swan events, even the best resilience plans are tested. Airports have quickly adapted by creating agile business models that diversify income streams, use technology to optimise accessibility and allow them to ramp up or consolidate operations as demand fluctuates.
- Energy – Decarbonising emission-intensive industries with CCUS – Carbon capture, storage, and utilisation (CCUS) technology is an opportunity for Canada’s emission-intensive industries to maintain competitiveness in a net-zero world. Large-scale network operations allow multiple facilities to contribute, thereby maximising the value of the project.
For all the analysis and insights on the Canadian construction market, download the full report by completing this short form.
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