Dublin, Aug. 08, 2023 (GLOBE NEWSWIRE) -- The "Canada Construction Market Size, Trend Analysis by Sector (Commercial, Industrial, Infrastructure, Energy and Utilities, Institutional and Residential) and Forecast, 2023-2027" report has been added to ResearchAndMarkets.com's offering.
The Canadian construction industry faces challenges in 2023, with an anticipated contraction of 5.2%. The decline is primarily driven by reduced residential construction activity due to tightening monetary policies and a weaker economic outlook.
As early as Q1 2023, evident weaknesses emerged in the residential and institutional construction sectors, marked by year-on-year declines of 10.7% in new residential construction investment and 6.4% in new institutional construction investment.
However, the industry is expected to see growth between 2025 and 2027, with an annual average rate of 2.7%, supported by advancements in the industrial, energy, and transportation sectors.
However, increased investments in the manufacturing, transportation, and energy sectors, in addition to regional and federal government investments, will provide support for the overall construction industry, helping to generate growth momentum later in the forecast period.
The Federal government released the first Budget Estimates for the financial year 2023-24 in February 2023, totalling CAD432.9 billion ($335.9 billion) in expenditures, including CAD198.2 billion ($153.8 billion) in budgetary expenditures for operating and capital expenditures.
Last year, the province of Ontario unveiled its 30-year transit plan, which will cost CAD84.7 billion ($65.7 billion) over the next ten years to develop a transportation network focused on the construction of new highways, rail corridors, and subway systems. A large portion of output over the forecast period is expected to be supported by industrial projects.
The publisher estimates the project pipeline of metal and material processing plants projects to be CAD122.7 billion ($95.2 billion) as of June 2023, followed by CAD59.2 billion ($45.9 billion) of chemical and pharmaceutical plants projects, and CAD28.6 billion ($22.2 billion) in the construction of manufacturing units, with completion scheduled between 2024 and 2030.
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.
Scope
- Historical (2018-2022) and forecast (2023-2027) 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 Context
3.1 Economic Performance
3.2 Political Environment and Policy
3.3 Demographics
3.4 Risk Profile
4 Construction Outlook
4.1 All Construction
- Outlook
- Latest news and developments
- Construction Projects Momentum Index
4.2 Commercial Construction
- Outlook
- Project analytics
- Latest news and developments
4.3 Industrial Construction
- Outlook
- Project analytics
- Latest news and developments
4.4 Infrastructure Construction
- Outlook
- Project analytics
- Latest news and developments
4.5 Energy and Utilities Construction
- Outlook
- Project analytics
- Latest news and developments
4.6 Institutional Construction
- Outlook
- Project analytics
- Latest news and developments
4.7 Residential Construction
- Outlook
- Project analytics
- Latest news and developments
5 Key Industry Participants
5.1 Contractors
5.2 Consultants
6 Construction Market Data
7 Appendix
For more information about this report visit https://www.researchandmarkets.com/r/3z23pa
Source: GlobalData
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