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% |
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).
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.
How big is the construction industry in Canada?
The construction sector is a massive industry in Canada, employing approximately 1.2 million men and women, or approximately 7% of the Canadian workforce.
How is the construction industry doing 2022?
Employment in the United States construction industry has been on the rise. Over the last 12-month period, leading to July 2022, employment has increased significantly. According to a report from the Bureau of Labor Statistics, industry employment increased by 311,000 jobs or 4.2% on a year-over-year basis.
What industry is in high demand in Canada?
Generally, careers in the health care sector, technology field, and scientific areas tend to be in high demand across the country. Due to the Covid-19 pandemic, many health care professions are especially in high demand with many provinces having targeted PNP draws to invite more health care workers to Canada.
Where is construction Booming Canada?
Saskatchewan is Canada’s best kept secret for the construction industry: it leads in residential construction for all of Canada. That’s pretty surprising and also very good for workers looking for consistent and lucrative construction work. It is also very strong in the commercial sector.
Should I wait to build 2022?
Yes 2022 can still be a good time to build your custom forever home, despite rising costs and interest rates.
Will construction costs go down in 2022 in Canada?
Consistent with the -0.5% year-to-date decline in non-residential investment, related construction costs in Q1 2022 slowed to +2.6%, driven by higher prices for structural metal products, fabricated steel plate, other metal products, energy, and persisting shortages of labour.
Which country is growing in construction?
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 are the 5 largest industries in Canada?
Biggest Industries by Revenue in Canada in 2022
- Gasoline & Petroleum Wholesaling in Canada.
- Oil Drilling & Gas Extraction in Canada.
- New Car Dealers in Canada.
- Supermarkets & Grocery Stores in Canada.
- Life Insurance & Annuities in Canada.
- Hospitals in Canada.
- Petroleum Refining in Canada. $69.2B.
- IT Consulting in Canada. $67.1B.
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.
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 there future in the construction industry?
Technological trends are shaping the future of construction. Every construction company today is convinced that technology is poised to impact the construction industry like never before.
Is construction still booming?
In 2021, multi-family construction experienced a 17% increase from the prior year, with 52,800 new units started. Demand for multi-family rentals has generally been higher during this past decade compared to new SFRs.
What is the future of construction?
The Global Construction industry is set to be a global engine for economic growth and recovery from COVID. Shorter term, global construction output is expected to reach US$13.3 trillion by 2025 – adding US$2.6 trillion to output in the five years from 2020.
What is the fastest growing career in Canada?
Top In-Demand Jobs in Canada for 2022
- Engineer.
- Accountant.
- Cloud architect.
- HR manager.
- Electrician.
- IT project manager.
- Mechanical engineer.
- Accounting clerks.
What is Canada’s fastest growing industry?
Statistics Canada data state that in 2021, there were nearly a hundred thousand more Canadians working in clean energy business, than in the traditional quarrying, mining, and oil & gas extraction industries.
What industries are declining in Canada?
The 10 Fastest Declining Industries in Canada
- Canned Fruit & Vegetable Processing in Canada.
- Heating & Air-Conditioning Equipment Manufacturing in Canada.
- Newspaper Publishing in Canada.
- Thermal Power in Canada.
- Office Furniture Manufacturing in Canada.
- Logging in Canada.
- Paper Mills in Canada.
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.
Is construction a good career in Canada?
The rosy job outlook
According to the industry association BuildForce Canada, a steady flow of new construction projects and the retirement of tens of thousands of baby boomers each year will mean a shortage of around 29,000 skilled workers by 2027. Translation: it’s a great market for workers.