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Construction in Canada - Key Trends and Opportunities to 2023

Construction in Canada - Key Trends and Opportunities to 2023

Summary

The Canadian construction industry registered minimal growth in 2018, with output expanding by 0.6% in real terms - down from 4.3% in 2017. The sharp deceleration in activity was mainly driven by significant declines in residential construction, as well as repair, engineering and other construction activities. Overall, the industry posted negative growth during the review period (2014-2018), registering a compound annual growth rate (CAGR) of -0.29% in real terms. Low commodity prices, weak household spending and a decline in manufacturing investment hindered growth during the review period.

Over the forecast period (2019-2023), Canadian construction activity is expected to be supported by the government's planned investments in infrastructure. Under the Investing in Canada Plan, 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.

In real terms, the industry's output value is expected to post a forecast-period CAGR of 0.90%.

GlobalData's "Construction in Canada - Key Trends and Opportunities to 2023", 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.

Key Highlights

- GlobalData expects the residential construction market to register a forecast-period CAGR of 4.33% in nominal terms, driven by government's efforts to build affordable houses. In the 2019 budget, the Canada Mortgage and Housing Corporation (CMHC) announced plans to spend CAD1.3 billion (US$943.0 million) to provide financial help to first-time home buyers during 2019-2022.
- Industrial construction market's forecast-period growth will be driven by government's focus on the production of steel, aluminum and other manufacturing sectors with an aim to increase exports. In March 2019, the government announced a plan to invest CAD100.0 million (US$77.9 million) to support small and medium steel and aluminum manufacturers across the country.
- GlobalData expects the infrastructure construction market to register a forecast-period CAGR of 3.63% in nominal terms, driven by the government's plan to develop the country's transport infrastructure under the Transportation 2030 program. To modernize the country's road, rail, airport and sea port infrastructure with an aim to increase trade activity and provide efficient transport system to citizens, the government plans to spend CAD233.1 billion (US$180.0 billion) by 2029-2030.
- Forecast-period growth in the institutional construction market will be driven by the government's focus on the healthcare and education sectors. In the 2019 budget, under the Canada Health Transfer program, the government allocated CAD40.4 billion (US$31.1 billion) in Financial Year (FY) 2019-2020 - an increase of 4.7% compared to spending in FY2018-2019. Through the Canada Health Transfer program, the government allocated funds for the development of healthcare systems. In April 2019, the Ontario government announced plans to allocate CAD27.0 billion (US$21.0 billion) towards the healthcare sector over the next ten years.
- The total construction project pipeline in Canada - as tracked by GlobalData, and including all mega projects with a value above US$25 million - stands at CAD1.4 trillion (US$1.1 trillion). The pipeline, which includes all projects from pre-planning to execution, is relatively skewed towards late-stage projects, with 54.5% of the pipeline value being in projects in the pre-execution and execution stages as of May 2019.

Scope

- This report provides a comprehensive analysis of the construction industry in Canada.
- Historical (2014-2018) and forecast (2019-2023) 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.

Reasons to buy

- Identify and evaluate market opportunities using GlobalData's standardized valuation and forecasting methodologies.
- Assess market growth potential at a micro-level with over 600 time-series data forecasts.
- Understand the latest industry and market trends.
- Formulate and validate strategy using GlobalData's critical and actionable insight.
- Assess business risks, including cost, regulatory and competitive pressures.
- Evaluate competitive risk and success factors.
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Construction in Canada - Key Trends and Opportunities to 2023
Published By :GlobalData
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