Fernando de Querol Cumbrera
Research expert covering construction, loans, leasing, savings, and debt
Construction industry in Canada - statistics & facts
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The construction industry plays a very important role in the economy of Canada. For instance, the development of new houses and commercial buildings is essential to satisfy the demand of a still growing urban population. But non-building construction should not be overseen either, as it is vital to maintaining a thriving economy. In both segments of the construction sector there have been important projects developed in the past years, with several of the highest skyscrapers in Canada having been built since 2019. In general, the construction industry is an important economic driver for Canada as well as an indicator of the strength of the nation’s economy.
Labor shortage in Canada
Employment in construction has grown significantly in the past years with the overall expansion of the industry during that period. However, the lack of available skilled workers is becoming more of a concern due to the aging demographic of those employed in the industry. The number of job vacancies in construction, even though it has decreased since it peaked in April 2022, is still quite high. As of March 2024, roughly four percent of all jobs (occupied and vacant) were vacant. Still, there have been significant discrepancies between different roles, with blue-collar roles being the most affected.The construction sector in the Canadian provinces
Regional differences are also apparent in the construction industry. Employment conditions also vary a lot, with differences of up to 600 Canadian dollars in the weekly earnings of construction workers between provinces. Some of the territories with smaller populations, such as the Northwest Territories, Nunavut, and Yukon, were well above the average. Meanwhile, along with salary, the prices of land, construction materials, and equipment are also subject to strong variation. There are, however, other additional factors that also make up the final cost of constructing a building, which is an important component of its final price in the real estate market. Given that the cost of those elements differ among territories, not all cities have seen similar construction costs increases in the past years. Toronto has consistently had one of the highest growth rates of construction prices, which were much higher than those in Winnipeg or Calgary.Fernando de Querol Cumbrera
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Jun 11, 2024
Fernando de Querol Cumbrera
Research expert covering construction, loans, leasing, savings, and debt
