Canada’s construction industry: Beyond COVID-19
While Canada and the rest of the world continue the fight to flatten the curve – economic recovery remains slow. The future is unpredictable, but with its strong economic and political fundamentals, Canada should head into this uncertainty in a position of strength relative to other countries.
The fall 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, Alberta and Ontario.
While the residential market did see a significant drop once COVID-19 hit the British Columbia (BC) market, it has since recovered quite sharply with new housing starts. Demand for residential housing in the greater Vancouver area remains strong both in sales and rentals.
Despite increasing COVID-19 cases in Alberta, no new restrictions were applied. The double impact of oil demand destruction and economic slowdown continue to impact the province and are expected to keep unemployment in double digits until late in 2021 despite an improvement in the last quarter.
Productivity on construction sites continues to be a major focus
The peak of the pandemic was apparent in the first and second quarter, however, during the third quarter we began to see signs of recovery. While a significant number of jobs were lost earlier in the year, according to Statistics Canada, by August, 1.9 million jobs had been recovered. Canada continues to face unprecedented times similar to other countries around the globe, however, we remain optimistic we will see positive growth across the construction and other sectors in 2021.
For all the analysis and insights on the Canadian construction market, download the full report by completing this short form.