There’s an abundance of comments regarding what’s coming up this year, mostly not so uplifting, perhaps even scary.
Increasing interest rates, labour shortage, and even government corruption are clouding the horizon.
While the demand for construction has risen, the market has also had to contend with a range of challenges, including technological shifts, demographic shifts, and changes in government policy.
With the population of Canada continually growing, the demand for housing is expected to remain strong in the coming years. This will fuel growth in the residential construction market, which is projected to grow at a compound annual growth rate of 4 to 5 percent between 2018 and 2023.
Additionally, the renovation project market for housing is likely to grow as homeowners choose to remodel existing homes rather than purchasing new ones. The commercial construction market is also expected to perform well in the coming years.
Also, the construction companies are beginning to explore new areas, such as energy efficient buildings and green building technologies, which may further drive growth in the sector.
The development of new technologies and materials, such as prefabricated and modular construction practices (becoming increasingly popular), may also have an impact on the construction industry over the next five years.
To round it up, on one hand we have all these challenges, on the other hand an ever growing population demanding housing.
The demand usually finds it’s way, so let’s stay positive, work hard, work clean, and carpe diem!