The past few years were difficult for the construction industry. Construction management companies were stuck in the middle of low oil prices, depressed economic conditions, and weak demand for Canada’s major experts. Add poor investor confidence to the mix, and all of it contributes to reduced construction activity across the country.
Not anymore, according to experts. Canada’s construction sector is steadily growing again, and among various engineering jobs in the country, construction leads the way with some of the strongest job growth this year.
Stronger Economy, More Construction
The construction industry has always been held up as a reflection of Canada’s economic situation. A booming economy typically mirrors booming construction activity, and vice versa.
However, current construction growth is a mixed bag. Some of its key sectors such as housing are experiencing a boom, most noticeable in the rental construction market. Institutional construction, on the other hand, has been shrinking, even as the federal government is taking steps to curb this in the form of incentives and initiatives.
It depends greatly on the location as well. Toronto and Vancouver, for example, are experiencing construction activity, while the provinces are seeing slower growth. Overall, however, it’s good news in general for the construction industry and it’s predicted to improve.
Residential Construction Leads the Way
One of the reasons construction is such an effective barometer of the country’s economy is that Canada is one of the largest markets for any type of construction, whether that’s infrastructure, commercial, or residential.
Right now, almost all sectors of construction are seeing steady growth. At the top is residential construction, with more than 294,000 starts in the second quarter of 2018. The demand for housing is greater than ever, and construction companies and merchant builders like Daniel Greenhalgh are building units left and right to keep up. Spurring this trend is the fact that more building permits are being issued by municipalities as well.
Construction Creates Employment
The construction industry serves as one of the largest employers in Canada. There are more than a million people in construction jobs at any given time, and with the current rate of growth, there’s also an expansion of jobs.
With more projects in the works, companies require more people to fill roles. Construction project managers, construction estimators, and jobs in carpentry are some of the most in-demand positions today.
Shortage of Manpower
While job openings are increasing, there’s a shortage of people to fill in those jobs. This has prompted companies to seek out foreigners to augment their workforce, especially for multi-million projects already underway.
The national unemployment rate is at 7.2% currently, but it does present a good opportunity for those willing to learn a trade and work in construction.
Major new projects are popping up all over the country, and there are hot spots in many provinces. As the economy gets better, so does the construction industry. Not only is this good news for the industry itself, but for many people as well— with more job openings than before, there’s so much opportunity for both individuals and organizations to ride this wave of growth.