DUBLIN–(BUSINESS WIRE)–The “Construction in Canada – Key Trends and Opportunities to 2024” report has been added to ResearchAndMarkets.com’s offering.
Due to the Coronavirus (COVID-19)-related containment measures and the decline in oil and gas investments owing to low oil prices, construction output in Canada is expected to contract by 7% in 2020 and then by a further 2% in 2021, before recovering and growing at a modest annual average rate of 1.1% over the remaining part of the forecast period (2022-2024). Measures to contain the spread of the COVID-19 outbreak have led to a sudden, deep contraction in economic activity and soaring levels of unemployment, which is, in turn, reducing demand for new buildings in the country. According to Statistics Canada, the total building permits dropped by almost 37.7% in April and 15.2% in May compared to the same period last year. However, with an ease in restrictions, the total building permits issued in the country grew by 5.8% year-on-year in June 2020.
The short-term outlook of the country remains highly uncertain, and will depend to a large extent on how long the social distancing – both voluntary and compulsory – prevails in the second half of 2020 and in 2021. Public authorities in Canada are currently trying to find a balance between returning their economies back to normal while making sure that citizens remain safe through social distancing measures, workforce protection controls, increased testing and contract tracing. These measures will become more or less strict depending on the rate of infection and the operating capacity of the healthcare system. In addition, low oil prices due to reduced global oil demand would also affect investments in the oil and gas segment. As a result, the publisher expects construction activity to remain weak over the remaining part of the forecast period.
In addition, the prospects for the Canadian government to accelerate the mega project pipeline for public infrastructure works are moderate, but weakening economic activity, lower oil prices and rising fiscal issues will limit the expansion of sector in the second half of this year and in 2021. The government’s planned investments in infrastructure are expected to provide some support to the industry over the forecast period. Under the Investing in Canada Plan – the country’s long-term infrastructure plan unveiled in 2016 – the government plans to invest a total of CAD180 billion (US$139 billion) in key infrastructure sectors through 2028. The industry’s output is also expected to be supported by improvements in business confidence over the forecast period, which will drive investment in overall infrastructure. In addition, the government’s aim to improve local energy resources is expected to support investment in energy infrastructure projects, which will in turn fuel growth in the industry.
This report provides detailed market analysis, information and insights into the Canadian construction industry, including –
- The Canadian construction industry’s growth prospects by market, project type and construction activity
- Critical insight into the impact of industry trends and issues, as well as an analysis of key risks and opportunities in the Canadian construction industry
- Analysis of the mega-project pipeline, focusing on development stages and participants, in addition to listings of major projects in the pipeline
This report provides a comprehensive analysis of the construction industry in Canada. It provides –
- Historical (2015-2019) and forecast (2020-2024) valuations of the construction industry in Canada, featuring details of key growth drivers.
- Segmentation by sector (commercial, industrial, infrastructure, energy and utilities, institutional and residential) and by sub-sector
- Analysis of the mega-project pipeline, including breakdowns by development stage across all sectors, and projected spending on projects in the existing pipeline.
Listings of major projects, in addition to details of leading contractors and consultants
Key Topics Covered:
1 Executive Summary
2 Construction Industry: At-a-glance
3.1. Economic Performance
3.2. Political Environment and Policy
3.4. COVID-19 Status
4 Construction Outlook
5 Key Industry Participants
6 Construction Market Data
For more information about this report visit https://www.researchandmarkets.com/r/bkwiae.
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