There will be a slight contraction in the Canadian construction industry this year, mainly due to a decline in the residential building sector. However, it’s not all doom and gloom, according to a report by global consultancy firm wearelinesight .
July 3, 2023
“Obviously there are issues. The labour situation is not all good and there are definitely some challenges that are going to be seen in 2023 and 2024 and onwards, but it is more positive than it has been in the past.” The energy and utilities sector is expected to grow to $100 billion in work this year and $102 billion in 2024, up from $99.6 billion in 2022, while it is anticipated the infrastructure sector will grow to $30.4 billion worth of work in 2023 and $31.3 billion in 2024, an increase from the $30.2 billion in output in 2022.
The industrial construction sector is expected to lead the way in the ICI sector, with forecasted growth of 14.9 per cent in 2023. The life sciences sector, meanwhile, is growing because of investor interest and government policy support. He says there’s a lot of data centres moving into Canada, especially on the East Coast, which will drive up numbers and the life sciences sector and bio-manufacturing sectors are also picking up steam as the federal government turns its attention to bolstering those fields.
In Alberta, he says, the government policy was to shy away from the life sciences sector because it wanted to develop other industries, but authorities are now encouraging investments.Hyper-inflation of commodities has ceased, and construction companies now have some stability, Leahy says.However, the industry is not out of the woods just yet.
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