Construction Industry: Set For Growth In Vancouver And Toronto

Construction industry is on an upswing. After enduring a difficult 2017, this year has witnessed a rebound of sorts with builders looking for all types of construction workers to get their projects up and running. As per an industry report by IBISWorld, the commercial building construction industry in Canada is nearing a mature phase now and is set to grow at 1.5% annualized rate till 2023.

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Construction is now picking up steam across the country, and it’s showing no signs of stopping in some of Canada’s largest urban hubs. This has opened up job opportunities in construction across Canada, with Toronto and Vancouver leading the way.

The Economy’s Pulse

The construction industry is often seen as a good yardstick for the economy as a whole. If there’s lots of construction (and by extension, lots of construction jobs), then the economy is likely doing well. By contrast, if construction slows down, it indicates a poor economy.

Prior to the slowdown, construction had enjoyed nearly two decades of almost uninterrupted growth during which the workforce doubled in the sector. As it trudges again onto the path of stability, construction is expected to be the driver of Canada’s economy as it always has been.

Where Is Growth Happening?

Growth in the construction industry is happening all across the country. Take for example PEI, which is facing a housing boom. A population increase due to an influx of people from other provinces led to an increased demand for housing, which in turn fuelled a flurry of construction.

Perhaps unsurprisingly, two of Canada’s three largest cities are also hotspots for construction. The construction industry is again booming in Toronto and Vancouver, propelled by a hot real estate market. Right now, developers are seeing good returns on investment, particularly with high-density residential projects. Concerns about urban sprawl, a desire for condo living, and the sky-high cost of single detached homes—along with inflated prices—are pushing people toward high-density living.

As more jobs are created, more people arrive—and they need not only houses, but new shopping plazas, commercial and retail outlets, and institutions such as hospitals.

British Columbia has plans to amp up its public transportation, along with laying down a few pipelines and mining projects opening up job opportunities in the non-residential sector for construction workers. Similarly, Ontario is undertaking major transit infrastructure projects, making it a hot job market in construction. GTA also has major mining and electricity projects in pipeline – for which experienced construction workers with specific skill-sets are required.

Over a 5-year period, the total amount of proposed construction projects in BC have grown over 98% to $325bn, paving the way to a number of jobs in construction. Similarly, Toronto kick-started its 2018 construction season with an announcement of projects worth over $720mn. Experts are pegging construction industry to peak around the end of 2019, making it the right time to get in the construction industry.

Skill Shortage in Construction

Both in Vancouver as well as in Toronto, the number of jobs advertised far exceeds the different types of construction workers available to fill these jobs. In the coming years, there is a threat of staff shortage that looms large over the industry – with retirement going the be a chief reason among many. Buildforce Canada expects close to 122,000 construction workers leaving the industry due to retirement. That’s 21% of the total workforce! This, coupled with the fact that construction is actually experiencing an upward swing means it is a headache for builders to find skilled labour and get their projects completed.

If you are in construction sector, or are looking to make a career in this industry, now is the time to act. Update your skills in line with the demands of today and get in touch with an expert recruiter. 2018 promises some great employment opportunities for you.

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