Canada's construction industry building more revenue
Although there have been some ups and downs in the past decade, Canada's construction industry is experiencing steady growth.
From commercial to residential construction, construction companies across Canada are staying busy.
Here is a brief look at the Canadian construction industry and how it compares to the United States:
Canadian and U.S. construction: A comparison
To truly have a complete look at construction in Canada, it's important to compare the industry to its neighbor to the south: the United States.
According to Statistics Canada and the U.S. Census, the annual revenue of Canada's construction industry is $100 billion.
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This is compared to the annual revenue of the construction industry in the United States, which is $750 billion.
Likewise, there are more than 1.5 million employed construction workers across Canada as compared to 7 million employed construction workers in the U.S.
Although these construction comparisons favor the United States, this isn't to say Canada's construction industry is underperforming.
When you factor industry size into the equation, Canada is doing equally as well as its southern neighbor.
Construction jobs across Canada
As the following article looks, even though construction industry officials warn of growing worker shortage in Canada and the United States, Canada is still getting the job done. In fact, construction project creation and completion rates are on the rise in regions all across Canada.
In terms of commercial construction hotspots, Newfoundland and Labrador are seeing a growth in small-scale commercial projects. Manitoba, Saskatchewan, and Quebec are also experiencing an increase in commercial construction. Quebec alone has 11 ongoing large-scale projects, which are resulting in nearly 9,000 new construction jobs.
As for residential construction, many of the major metropolitan areas across Canada are experiencing a boom in home construction. Vancouver, Toronto, Montreal, and Calgary are seeing an increase in housing starts when compared to recent years.
Commercial and residential construction
Although there are commercial construction hotspots in Canada, non-residential construction investments have actually decreased quarterly across British Columbia, Alberta, Yukon, and the Northwest Territories. Investments are in the $25 million range, but that's still down by nearly 1% over last year.
Residential construction on the other hand is steadily increasing from one Canadian province to the next. Housing starts reached 190,000 in 2014, which is up by nearly 2,000 from the previous year.
The provinces performing the best in terms of housing starts are Ontario with 59,000, Alberta with 40,000, Quebec with 38,000, and British Columbia with 28,000. Not far behind are Saskatchewan, Manitoba, and Nova Scotia, all of which have 3,000 to 9,000 housing starts annually.
Future of construction in Canada
Many of Canada's most reputable construction industry experts have made their predictions for the future of the country's construction landscape. Based on the numbers above and other statistical data, experts believe Canada will continue with modest, stable growth.
Alongside the statistical information, industry experts also take population growth, productivity, and both commercial and housing construction amounts into consideration. Industry experts also caution that other industries, such as lumber and mining, must keep up with demand in order for the construction industry to thrive.
When it comes to construction in Canada, it's plain to see that growth and an increase in revenue are on the horizon.
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About the Author: Adam Groff is a freelance writer and creator of content. He writes on a variety of topics including construction and industry trends.
G7 Summit guide: What it is and what leaders hope to achieve
Unless you’ve had your head buried in the sand, you’ll have seen the term ‘G7’ plastered all over the Internet this week. We’re going to give you the skinny on exactly what the G7 is and what its purpose on this planet is ─ and whether it’s a good or a bad collaboration.
Who are the G7?
The Group of Seven, or ‘G7’, may sound like a collective of pirate lords from a certain Disney smash-hit, but in reality, it’s a group of the world’s seven largest “advanced” economies ─ the powerhouses of the world, if you like.
The merry band comprises:
- The United Kingdom
- The United States
Historically, Russia was a member of the then-called ‘G8’ but found itself excluded after their ever-so-slightly illegal takeover of Crimea back in 2014.
Since 1977, the European Union has also been involved in some capacity with the G7 Summit. The Union is not recognised as an official member, but gradually, as with all Europe-linked affairs, the Union has integrated itself into the conversation and is now included in all political discussions on the annual summit agenda.
When was the ‘G’ formed?
Back in 1975, when the world was reeling from its very first oil shock and the subsequent financial fallout that came with it, the heads of state and government from six of the leading industrial countries had a face-to-face meeting at the Chateau de Rambouillet to discuss the global economy, its trajectory, and what they could do to address the economic turmoil that reared its ugly head throughout the 70s.
Why does the G7 exist?
At this very first summit ─ the ‘G6’ summit ─, the leaders adopted a 15-point communiqué, the Declaration of Rambouillet, and agreed to continuously meet once a year moving forward to address the problems of the day, with a rotating Presidency. One year later, Canada was welcomed into the fold, and the ‘G6’ became seven and has remained so ever since ─ Russia’s inclusion and exclusion not counted.
The group, as previously mentioned, was born in the looming shadow of a financial crisis, but its purpose is more significant than just economics. When leaders from the group meet, they discuss and exchange ideas on a broad range of issues, including injustice around the world, geopolitical matters, security, and sustainability.
It’s worth noting that, while the G7 may be made up of mighty nations, the bloc is an informal one. So, although it is considered an important annual event, declarations made during the summit are not legally binding. That said, they are still very influential and worth taking note of because it indicates the ambitions and outlines the initiatives of these particularly prominent leading nations.
Where is the 2021 G7 summit?
This year, the summit will be held in the United Kingdom deep in the southwest of England, with Prime Minister Boris Johnson hosting his contemporaries in the quaint Cornish resort of Carbis Bay near St Ives in Cornwall.
What will be discussed this year?
After almost two years of remote communication, this will be the first in-person G7 summit since the novel Coronavirus first took hold of the globe, and Britain wants “leaders to seize the opportunity to build back better from coronavirus, uniting to make the future fairer, greener, and more prosperous.”
The three-day summit, running from Friday to Sunday, will see the seven leaders discussing a whole host of shared challenges, ranging from the pandemic and vaccine development and distribution to the ongoing global fight against climate change through the implementation of sustainable norms and values.
According to the UK government, the attendees will also be taking a look at “ensuring that people everywhere can benefit from open trade, technological change, and scientific discovery.”