A Rise In Infrastructure Projects Keeps Construction Industry Afloat
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2021 is off to a busy start as construction costs in three Canadian provinces are expected to rise 3-5% due to a boom in infrastructure projects.
According to BTY Group's annual Market Intelligence Report (MIR), "An already robust infrastructure program—bolstered by increased government stimulus spending—will help offset sharp declines. Infrastructure, renewable energy and industrial building are forecast to be the top-performing sectors, with mega projects in B.C., Quebec and Ontario counterbalancing declines in commercial and leisure sectors."
With help from the federal government's financial relief initiatives for municipalities, the delay in Ontario's economic recovery was replaced with an increase of 8% in capital spending, primarily driven by transit projects. With three LRT developments underway in the Greater Toronto Area and more on the horizon, the industry is set to sustain success in the year to come.
As the COVID-19 vaccine begins rollout across the country, commercial industries will see a projected increase in demand, directly influencing the Canadian economy's recovery.
Learn more about what lies ahead for the construction industry.
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