Canadian Construction Association’s Quarterly Insights in Around Town
The Canadian Construction Association published their latest quarterly report in August. According to the report, despite a challenging economic climate marked by rising borrowing costs and market uncertainties, small and medium-size construction enterprises have demonstrated remarkable resilience to maintain stability in the marketplace.
The outlook for the remainder of 2024 is optimistic but not without risks. Continued interest rate adjustments, the impact of interest rate differentials with the U.S., renewed focus on multi-residential construction, and navigating geopolitical tensions remain key considerations for the industry.
The report noted construction has seen a six percent growth in construction businesses since 2019, with approximately 7,500 active businesses. The industry is also showing positive labour trends. There has been a decline in job vacancies, but totals remain above pre-pandemic averages. Meanwhile, unemployment within the industry remains stable.
Similarly, while the downturn in residential construction has definitely reduced growth in the construction sector, the non-residential, repair and engineering construction sectors have continued to grow. The Building Construction Price Index has also decelerated, resulting in eased construction costs.
Get your copy of the report at https://bit.ly/CCA_August24.
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