Canadian Construction Industry Review
Worth a cool $345.9 billion, and employing more than 1 million construction workers, Canada’s construction industry is a vital part of the Canadian economy. And the good news is that, in the wake of the COVID-19 pandemic, the construction industry in Canada is predicted to rebound and see significant growth in the next few years.
In fact, according to Statistics Canada, the construction sector is expected to maintain an annual growth rate of 2.2% over the next four years. Buoyed by a growth in public project developments, as well as a rise in private non-residential construction, the industry is poised for a strong recovery.
The numbers don’t lie
The Canada Construction Market Size, Trends and Forecasts 2022-2026 noted that the growth within the construction sector in 2021 was supported by an increase in residential building as well as civil engineering projects.
Statistics Canada reported that, in 2021, the value of building permits increased by 8.3%. This included a 9.1% rise in residential buildings and a 6.8% increase non-residential buildings. What this shows is that , even in the midst of a pandemic, the construction sector was still able to maintain positive growth.
This is encouraging news for Canada’s construction industry. With a predicted rebound on the horizon, it’s safe to say that the next few years look bright for Canada’s construction sector.
Factors influencing the growth of Canada’s construction sector
There are a number of factors that are influencing Canada’s construction industry outlook for the next few years. Here are some of the key ones:
– Population growth: Canada’s population is projected to grow by close to one million people every year between now and 2031. This population growth will lead to increased demand for housing, commercial space and infrastructure, all of which will drive construction activity.
– Economic growth: Canada’s economy is expected to grow by an average of about 2% per year over the next few years. This economic growth will lead to increased demand for commercial and industrial space, as well as new housing developments.
– Low interest rates: Interest rates are expected to remain low over the next few years, making it an ideal time to invest in construction projects.
– Government investment: The Canadian government is investing billions in infrastructure projects across the country. This increased government spending will lead to more construction activity and jobs.
A new decade of growth
As we move into the new decade, it’s clear that Canada’s construction industry is poised for growth. With a strong rebound predicted in the next few years, the construction sector is set to play a vital role in Canada’s economic recovery.
Now is the time for Canadian construction businesses to scale up their operations and take advantage of the opportunities that lie ahead. With the right planning and execution, the next few years could be a defining period for Canada’s construction industry.
With the massive Government spending in Infrastructure, Canada’s construction industry is expected to have a tremendous growth in the next decade. Multi-billion dollar projects are underway across the country which is estimated to create thousands of jobs in the coming years.
Now is the time to take advantage of the situation and get your business to new heights
At Gear Equip, we specialize in heavy equipment and construction supplies. We are your one-stop shop for all your construction needs. With the outlook of the construction industry looking bright, there’s no better time to get equipped with the right gear. We have the latest vacuum trucks, rail equipment, and mecalac to help you seize upon the construction opportunities that lie ahead.
This is an exciting time for Canadian construction companies. With strong growth predicted in the next few years, now is the time to get prepared for the opportunities that lie ahead.
At Gear Equip, we are here to help you take advantage of the construction boom. Visit us today and let us help you get your business ready for the new decade of growth.