$325.1 billion.
The Canada construction market size was $325.1 billion in 2021. The market is projected to grow at an AAGR of more than 2% during the period 2023 to 2026.
Market Report Overview.
| Market size (Year – 2021) | $325.1 billion |
|---|---|
| Growth rate – AAGR (2023 – 2026) | >2% |
What is the market size of the construction industry?
The USA construction market size was valued at $2 trillion in 2021 and is projected to achieve an AAGR of more than 3% during 2023-2026. The industry is expected to rebound after COVID-19, owing to investment in the transport, electricity, housing, and manufacturing sectors.
Is construction booming in Canada?
In 2022, there were 252 large infrastructure projects under development valued at over 25 million U.S. dollars. The value of construction projects has also increased, as is evident by the skyscrapers built over the last decade in major Canadian cities.
Is construction in demand in Canada?
Demand for construction trades is likely to remain high. According to BuildForce Canada, the industry needs to recruit 309,000 new construction workers over the next decade (2021 – 2030), driven by the expected retirement of 259,100 workers (or 22% of the current workforce).
What percentage of Canadians work in construction?
7%
The construction sector is a massive industry in Canada, employing approximately 1.2 million men and women, or approximately 7% of the Canadian workforce.
Is the construction industry growing 2022?
Driving growth as challenges and competition increase
The US engineering and construction industry began 2022 on a bright note after achieving strong growth of 8% in construction spending in 2021.
Which country has the largest construction market?
Construction Employment
| # | 39 Countries | 5‑years CAGR |
|---|---|---|
| 1 | #1 United States | +1.7 % |
| 2 | #2 Japan | -0.3 % |
| 3 | #3 Russia | -1.8 % |
| 4 | #4 Mexico | +2.9 % |
What is the fastest growing industry in Canada?
Fastest Growing Industries in Canada by Revenue Growth (%) in 2022
- Hotels & Motels in Canada.
- Tour Operators in Canada.
- Aircraft, Engine & Parts Manufacturing in Canada.
- Amusement Parks & Arcades in Canada.
- Semiconductor Machinery Manufacturing in Canada.
- Ski & Snowboard Resorts in Canada.
- Movie Theatres in Canada.
Which province in Canada has most construction?
New home construction in the Canadian province of Ontario amounted to over 20,723 units in 2021, which is much higher than the number of construction starts in Quebec that year.
What construction jobs are in high demand in Canada?
Either way, you may want to know what specific construction jobs can offer you a lucrative future in the construction industry.
Top Paying Construction Jobs
- Heavy Duty Equipment Technician.
- Industrial Electrician.
- Industrial Mechanic.
- Pipefitter.
- Refrigeration And Air Conditioning Mechanic.
Which province in Canada needs construction workers?
The top provinces with the highest number of construction jobs (thus requiring a larger number of construction workers) are: Quebec. Ontario.
Which job has more value in Canada?
Being a doctor is probably the best-paid profession in Canada. Salaries can go as high as $300,000+ per year, especially for surgeons, cardiologists, radiologists, or anaesthesiologists.
What field in construction makes the most money?
5 of the Highest Paying Careers in Construction
- Construction Managers. Average Salary: $98,990.
- Elevator Installers and Repairers. Average Salary: $97,860.
- Electricians. Average Salary: $60,040.
- Plumbers. Average Salary: $59,880.
- Construction Equipment Operators. Average Salary: $48,920.
- ZipRecruiter.
Which industry do more than 75% of Canadians have jobs?
the services sector
In Canada, the services sector accounts for more than 78% of the economy and employs almost three-quarters (i.e. 75%) of the entire country. It is the backbone of the country’s economy and employs a majority of the country’s population.
Is there a shortage of construction workers in Canada?
High job vacancy rates still in place
The problem is particularly acute in the construction industry given that construction job vacancies are at record peaks in eight of the ten provinces. Companies across the country are having difficulty hiring qualified staff.
Is the construction industry growing or declining?
On net, manufacturing construction will slow in 2023 and 2024. The next largest category is office construction, which has held up surprisingly well. Some of the continued activity is large, multi-year projects that are being completed in a weaker market, but in some areas suburban offices are going up.
What are the 10 fastest growing careers in the construction industry?
10 Fastest Growing Jobs in Architecture & Construction
- Construction Managers: Projected Job Growth: 9.16%
- Interior Designers: Projected Job Growth: 5.97%
- Architects, Except Landscape and Naval: Projected Job Growth: 5.80%
- Electricians: Projected Job Growth: 5.65%
- Civil Engineers: Projected Job Growth: 5.01%
What is future outlook for construction?
Growth opportunities
New projects resulting from the Infrastructure Investment and Jobs Act will begin in the second half of 2022 and continue throughout 2023, with expected growth rates of 20.1% and 10.9% for infrastructure put in place in 2022 and 2023, respectively, according to Oxford Economics.
Will construction costs go down in 2022 in Canada?
Labour capacity problems will be worst in Ontario, where the population and price pressures are highest, CMHC adds. In addition, residential building construction costs increased 5.6 per cent in the first quarter of 2022.
Which country is booming in construction?
The top three countries on our list – China, the United States and India – will account for 57% of all global growth in the construction and engineering markets by 2030, amounting to USD £4.5TN. Those three nations account for over a third of the world’s population and economic output.
Which is the No 1 construction company in world?
China-based China State Construction Engineering Corp Ltd is the major construction company in the world (by revenue).