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AECON X — BuildForce Canada’s 2024 forecast report for Ontario says multiple large projects in all corners of the province will help sustain ICI construction late into the decade. Pictured, Aecon supported track work at Toronto’s Union Station as part of the Metrolinx GO Expansion On-Corr project earlier this month.
Meanwhile, BuildForce said, residential building looks poised to emerge from the stagnancy caused by high interest rates and rising inflation to resume growth starting in 2025 as housing costs ease and population growth drives demand for additional housing.BuildForce executive director Bill Ferreira said the annual forecast report did not include the anticipated stimulus to be created by public-sector housing initiatives nor multiple projects to enable the electrification of the economy.
“The main issue has just been that we’ve been experiencing a bit of a pause because of interest rates. The demand for housing in the province remains exceptionally high. Ontario is the recipient of about 44 per cent of all newcomers to the country.ICI building and engineering-construction investment levels are expected to peak in 2027 and recede later in the forecast period as current projects wind down.
But with labour force demand expected to be high across Ontario, interregional mobility will be limited. Ferreira said recruiting, retention and training efforts from across the sector have been comprehensive and effective. But temporary foreign workers should be viewed as a stop-gap measure and instead stakeholders must continue to strive to find permanent solutions, he argued.
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