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The Future of Construction in Canada
World Market Intelligence, Feb 2010, Pages: 76
This report is the result of WMI’s extensive market, company and deals research covering the Canadian construction market. It provides detailed segmentation of historic and forecast construction sales, segmented to market and category level; analysis of the leading companies in the Canadian construction market and analysis of the key financial deals involving construction players in Canada
Slow Construction growth: Construction is one of the largest industries in Canada. However, because of the economic slowdown in 2008 and 2009, growth has steadily declined. The market value of the construction industry witnessed a meager 0.3% growth in 2009 on the 2008 figure, showing a steady decline from the impressive growth of 8.0% achieved in 2006. Prior to 2007, the construction industry in Canada witnessed a significant growth encouraged by low interest rates, low inflation rates, high disposable income, strong employment and strong consumer confidence.
Residential construction hit: The residential construction market in Canada was also affected by the global economic slowdown, witnessing 2.0% decline in 2009. The residential investments in Canada are expected to decline in response to a reduction in household formation and slower economic growth. The reduction in household formation was resulted by slower population growth and aging population in Canada. WMI does not expect the residential construction market to recover over the next three years.
Commercial and industrial construction to prosper: The industrial and commercial construction markets are expected to perform comparatively well over the period 2009-2014. The commercial market is expected to witness the highest compounded annual growth rate (CAGR) of 5.42% over the same period.
Mix fortune by construction industry: In 2010, the construction industry is expected to experience marginal growth supported by government stimulus package. In its 2009 budget, the government promised C$30.0 billion stimulus through tax incentives and spending for infrastructure construction from 2009 to 2011. However, once the stimulus ends, the construction markets are expected to recede into a slowdown phase.
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