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Following two years of contraction, the Canadian construction industry rebounded in 2017, and registered an annual growth of 3.1% in real terms. This momentum is expected to continue in 2018, with annual growth of 2.6% in real terms, driven by government efforts to stimulate the economy through investment in public infrastructure and energy projects. Gradual improvements in consumer and investor confidence, as well as new policies related to the manufacturing sector, are expected to drive private sector investment in construction projects in the coming years.
However, the probable persistence of high labor costs, constrained government revenue and low capital investment in the oil and natural gas sector are expected to constrain the industry's growth over the forecast period (2018-2022). Consequently, the industry is expected to register slow growth over the forecast period.
Although the pace of growth in the Canadian construction industry is expected to be weak, there will be some support from investment in infrastructure and energy projects. The implementation of flagship government programs such as the Transportation 2030 plan, Wataynikaneyap Transmission project and a long-term infrastructure plan is expected to support industry growth. Consequently, in real terms, the industry's output value is expected to post a forecast-period CAGR of 1.76%.
Timetric's Construction in Canada - Key Trends and Opportunities to 2022 report provides detailed market analysis, information and insights into the Canadian construction industry, including:
The industry's growth prospects by market, project type and construction activity
Critical insight into the impact of industry trends and issues, as well as an analysis of key risks and opportunities in the industry
Analysis of the mega-project pipeline, focusing on development stages and participants, in addition to listings of major projects in the pipeline.
This report provides a comprehensive analysis of the construction industry in Canada. It provides:
Historical (2013-2017) and forecast (2018-2022) valuations of the construction industry in Canada, featuring details of key growth drivers.
Segmentation by sector (commercial, industrial, infrastructure, energy and utilities, institutional and residential) and by sub-sector
Analysis of the mega-project pipeline, including breakdowns by development stage across all sectors, and projected spending on projects in the existing pipeline.
Listings of major projects, in addition to details of leading contractors and consultants
Reasons To Buy
Identify and evaluate market opportunities using Timetric's standardized valuation and forecasting methodologies.
Assess market growth potential at a micro-level with over 600 time-series data forecasts.
Understand the latest industry and market trends.
Formulate and validate strategies using Timetric's critical and actionable insight.
Assess business risks, including cost, regulatory and competitive pressures.
Evaluate competitive risk and success factors.
Timetric expects the residential construction market to retain its leading position over the forecast period, with a share of 43.5% of the industry's total value in 2022. In November 2017, the government launched the National Housing Strategy, with an expected investment of CAD52.0 billion (US$40.0 billion) by 2027. Under this, the government aims to provide adequate affordable housing to 530,000 households by 2027.
Timetric expects infrastructure construction market output to record a forecast-period CAGR of 3.68% in nominal terms, driven by government investment in road, ports and airports infrastructure. In 2017, the government announced plans to invest CAD20.1 billion (US$15.5 billion) on the development of transport infrastructure by 2027.
In 2017, the government launched Canada Infrastructure Bank, a new investment hub to boost funding for construction projects in the country. The government's main aim is to mobilize funds from foreign and private investors by working in collaboration with provincial, territorial and municipal governments. Accordingly, the government announced plans to implement projects worth CAD35.0 billion (US$26.9 billion) by 2027, including the construction of several railway corridors, roads, ports, water treatment plants and energy transmission lines.
In 2017, the government launched Canadian Radio-television and Telecommunications Commission (CRTC) Three-Year plan 2017-2020. Through this, the government aims to create investment opportunities and ensure social and economic inclusion. Accordingly, the government is planning to equip all households with an internet connection speed of 50Mbps by 2020.
The total construction project pipeline in Canada, as tracked by the Construction Intelligence Center (CIC), including all mega projects with a value above US$25 million, stands at CAD1.7 trillion (US$1.3 trillion). The pipeline, which includes all projects from pre-planning to execution, is relatively skewed to early-stage projects, with 57.0% of the pipeline value being in projects in the early stages as of May 2018.