The "Construction in Canada - Key Trends and Opportunities to 2025 (Q1 2021)" report has been added to ResearchAndMarkets.com's offering.
Following a decline of 3.4% in 2020, Canada's construction industry is now forecast to grow by 0.6% in 2021, up from the previous forecast of -2% in the Q4 2020 update, as activity in the housing market has been stronger than expected.
Over the remainder of the forecast period, the industry is set to expand by 2.8%, supported by the government's efforts to accelerate its long-term infrastructure plan (the "Investing in Canada Plan") and revive the economy.
However, concerns over the slow pace of vaccine rollout and the spread of more transmissible variants of the virus pose major risks to the industry's outlook as they could further delay the recovery of the hardest-hit sectors, such as leisure and hospitality.
Canada's construction industry has been recovering faster than previously anticipated in recent months, bolstered by increasing investment in residential building construction. The country's housing market has been benefiting from record low interest rates, pent-up demand for new homes and the significant shift in remote work, even though the economy is still emerging from the steepest economic downturn since the Great Depression.
According to Statistics Canada, activity in the residential construction market was 7% above its pre-pandemic levels in December 2020; this compared to lower performance in other segments, including repair construction (+5.1%), non-residential buildings (-11.2) and engineering and other construction activities (-12.8%).
While Canada's economy is expected to grow robustly this year, thanks to the government's ongoing provisions of large fiscal and monetary stimulus (which should continue to support domestic demand) and the rollout of vaccines (which has raised hopes that hard-hit sectors such as leisure and hospitality, offices and recreational buildings can recover quicker than expected), new COVID-19 variants that are spreading rapidly in provinces like Ontario pose an additional threat and may lead to a third wave and renewed or extended lockdown and travel restrictions across the country.
If this comes to pass, this could slow both investment and the recovery of the construction industry in the first half of this year.
This report provides detailed market analysis, information, and insights into Canada's construction industry, including:
Canada's 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 Canada's construction industry
Analysis of the mega-project pipeline, focusing on development stages and participants, in addition to listings of major projects in the pipeline.
Historical (2016-2020) and forecast (2021-2025) 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
4.1 All Construction
Latest News and Developments
Construction Projects Momentum Index
4.2 Commercial Construction
4.3 Industrial Construction
4.4 Infrastructure Construction
4.5 Energy and Utilities Construction
4.6 Institutional Construction
4.7 Residential Construction
5 Key Industry Participants
6 Construction Market Data
For more information about this report visit https://www.researchandmarkets.com/r/k5n75z
View source version on businesswire.com: https://www.businesswire.com/news/home/20210422005649/en/
Laura Wood, Senior Press Manager
For E.S.T Office Hours Call 1-917-300-0470
For U.S./CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call +353-1-416-8900