A new report from ResearchAndMarkets has forecast that the Canadian construction industry is expected to maintain a compound annual growth rate (CAGR) of 4.8%, reaching $267.6bn by 2022.
Further, the value of the construction industry is expected to grow at a faster rate than recent years.
In the period 2013-2017 the Canadian commercial building construction industry grew at a rate of 1.8% annually. However, the report expects that over the forecast period, this market is expected to maintain a CAGR of 7.1%.
The industry has been attracting more attention of late, particularly with the ongoing review of Aecon’s potential sale to CCCI that has seen the deadline extended to 13 July last month.
Further, February saw Caisse de dépôt et placement du Québec’s subsidiary, CPDQ Infra awarded a $6.3bn contract for the construction of Montreal’s new light rail driverless electric train network, named Réseau express métropolitain, that is expected to be operational by the summer of 2021.
For more information about the growth of the industry, see the full Canadian Construction Industry Report 2018.