Panellists at the BuildingsShow CEO Breakfast presented by TCA_Connect and ConstructConnx agreed uncertainty is creating challenges in the construction industry and see construction costs going up and the viability of certain projects in question.
During the Economic Outlook and Construction Industry Challenges in a Post-COVID World panel at The Buildings Show in Toronto Dec. 1, Jeff Murva, president, J. Murva Consulting said last year there was a 12 per cent cost escalation on projects and prices continue to rise.
“The other side of the equation is construction costs and schedule. The uncertainty on that side of the equation is very real,” she said. “There is a bit of market hesitancy, particularly in the private sector. In combination with interest rate hikes and uncertainty in construction costs, it certainly makes it challenging for clients to commit to new work, new projects.
“We are seeing steep declines in copper,” he pointed out. “If you go back and look at copper prices over the last 15, 20 years, when it does have a significant correction the rest of that commodities group, the construction products…it follows suit.” Murva said they prequalify trades and ensure they have the capacity and good financial standing before they invite them to bid.
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