Canada market intelligence: remaining resilient
Our summer 2023 market intelligence report for Canada provides market analysis, sector insights, and supply chain capacity data for each province covered in the study, including British Columbia, Alberta, Ontario and Quebec.
Economic overview: a robust market
Despite the challenging economic times over the last few years, Canada continues to remain resilient through the headwinds, notwithstanding the confidence set back following banking stability concerns, and inflation.
Canada’s robustness can be attributed to several factors, including a continued major investment in infrastructure projects, such as the Calgary Green Line project and the foreseeable investment in the transition to net zero.
Regional highlights: obstacles to growth
British Columbia has been heavily impacted by rising interest rates, with the housing market seeing a decline from 2022, a key driver of economic activity in the region.
The decline in the housing market continues its trend in Alberta, and like many markets, interest rates are starting to have an impact on this sector. However, the demand for oil and gas and other natural resources is alternatively fueling economic growth in Alberta, alongside a positive upswing in the construction market where an increase in tenders received across all sectors foretells a healthy pipeline of projects.
In the east, in Ontario and Quebec, continued investment in infrastructure, institutions and industry are boosting economic growth. However, labour shortages for trades, such as electricians, plumbers, carpenters and crane operators, continue to be an obstacle in both provinces.
Taking green action now
Dominic Leadsom, Director, interviewed John Peevers, Director of Community, Media Relations & Economic Development at Bruce Power to discuss the impact of growing energy needs in Canada, and the importance of taking action now to help Ontario meet the demand for reliable clean energy.
In this interview, John Peevers noted, “To achieve net zero, it is vitally important to understand the current greenhouse gas emissions output profile in terms of both scale and sources.”