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.