Construction in Canada – Key Trends and Opportunities to 2022

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Following two years of contraction, the Canadian construction industry rebounded in 2017, and registered an annual growth of 3.1% in real terms. This momentum is expected to continue in 2018, with annual growth of 2.6% in real terms, driven by government efforts to stimulate the economy through investment in public infrastructure and energy projects. Gradual improvements in consumer and investor confidence, as well as new policies related to the manufacturing sector, are expected to drive private sector investment in construction projects in the coming years.

However, the probable persistence of high labor costs, constrained government revenue and low capital investment in the oil and natural gas sector are expected to constrain the industry’s growth over the forecast period (2018–2022). Consequently, the industry is expected to register slow growth over the forecast period.

Although the pace of growth in the Canadian construction industry is expected to be weak, there will be some support from investment in infrastructure and energy projects. The implementation of flagship government programs such as the Transportation 2030 plan, Wataynikaneyap Transmission project and a long-term infrastructure plan is expected to support industry growth. Consequently, in real terms, the industry’s output value is expected to post a forecast-period CAGR of 1.76%.

Scope

This report provides a comprehensive analysis of the construction industry in Canada. It provides:

  • Historical (2013-2017) and forecast (2018-2022) 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 Highlights

  • GlobalData expects the residential construction market to retain its leading position over the forecast period, with a share of 43.5% of the industry’s total value in 2022. In November 2017, the government launched the National Housing Strategy, with an expected investment of CAD52.0 billion (US$40.0 billion) by 2027. Under this, the government aims to provide adequate affordable housing to 530,000 households by 2027.
  • GlobalData expects infrastructure construction market output to record a forecast-period CAGR of 3.68% in nominal terms, driven by government investment in road, ports and airports infrastructure. In 2017, the government announced plans to invest CAD20.1 billion (US$15.5 billion) on the development of transport infrastructure by 2027.
  • In 2017, the government launched Canada Infrastructure Bank, a new investment hub to boost funding for construction projects in the country. The government’s main aim is to mobilize funds from foreign and private investors by working in collaboration with provincial, territorial and municipal governments. Accordingly, the government announced plans to implement projects worth CAD35.0 billion (US$26.9 billion) by 2027, including the construction of several railway corridors, roads, ports, water treatment plants and energy transmission lines.
  • In 2017, the government launched Canadian Radio-television and Telecommunications Commission (CRTC) Three–Year plan 2017–2020. Through this, the government aims to create investment opportunities and ensure social and economic inclusion. Accordingly, the government is planning to equip all households with an internet connection speed of 50Mbps by 2020.
  • The total construction project pipeline in Canada, as tracked by the Construction Intelligence Center (CIC), including all mega projects with a value above US$25 million, stands at CAD1.7 trillion (US$1.3 trillion). The pipeline, which includes all projects from pre-planning to execution, is relatively skewed to early-stage projects, with 57.0% of the pipeline value being in projects in the early stages as of May 2018.

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 strategies using GlobalData's critical and actionable insight.
  • Assess business risks, including cost, regulatory and competitive pressures.
  • Evaluate competitive risk and success factors.

Companies mentioned

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Table of Contents

1 Executive Summary

2 Construction Outlook: At-a-glance

3 Latest News and Indicators

4 Key Drivers and Risks

4.1 Economic Performance

4.2 Political Environment ...

1 Executive Summary

2 Construction Outlook: At-a-glance

3 Latest News and Indicators

4 Key Drivers and Risks

4.1 Economic Performance

4.2 Political Environment

4.3 Demographics

4.4 Risk Profile

5 Construction Outlook

5.1 All Construction

5.1.1 Outlook

5.1.2 Project analytics

5.2 Commercial Construction

5.2.1 Outlook

5.2.2 Project analytics

5.3 Industrial Construction

5.3.1 Outlook

5.3.2 Project analytics

5.4 Infrastructure Construction

5.4.1 Outlook

5.4.2 Project analytics

5.5 Energy and Utilities Construction

5.5.1 Outlook

5.5.2 Project analytics

5.6 Institutional Construction

5.6.1 Outlook

5.6.2 Project analytics

5.7 Residential Construction

5.7.1 Outlook

5.7.2 Project analytics

6 Key Industry Participants

6.1 Contractors

6.2 Consultants

7 Appendix

7.1 What is this Report About?

7.2 Definitions

7.3 About GlobalData

7.4 About The Construction Intelligence Center

7.5 Disclaimer

List of tables

Table 1: Canada, Key Economic Indicators

Table 2: Canada, Construction Output Value (nominal, CAD Million)

Table 3: Canada, Construction Output Value (nominal, US$ Million)

Table ...

Table 1: Canada, Key Economic Indicators

Table 2: Canada, Construction Output Value (nominal, CAD Million)

Table 3: Canada, Construction Output Value (nominal, US$ Million)

Table 4: Canada, Top Commercial Construction Projects by Value

Table 5: Canada, Top Industrial Construction Projects by Value

Table 6: Canada, Top Infrastructure Construction Projects by Value

Table 7: Canada, Top Energy and Utilities Construction Projects by Value

Table 8: Canada, Top Institutional Construction Projects by Value

Table 9: Canada, Top Residential and Mixed-Use Construction Projects by Value

Table 10: Canada, Key Contractors

Table 11: Canada, Key Consultants

Table 12: GlobalData Construction Market Definitions

Table 13: Construction Risk Index Ratings and Scores

List of figures

Figure 1: Key Markets, Construction Output Growth Matrix and Risk Matrix

Figure 2: Canada, Construction Projects Pipeline by Sector (CAD Billion)

Figure 3: Canada, Permits ...

Figure 1: Key Markets, Construction Output Growth Matrix and Risk Matrix

Figure 2: Canada, Construction Projects Pipeline by Sector (CAD Billion)

Figure 3: Canada, Permits issued (Unit-Number)

Figure 4: Canada, Risk Comparison, Q1 2018

Figure 5: Canada, Risk Comparison Review

Figure 6: Canada, Construction Output Value (Real, US$ billion, 2017 prices and exchange rate)

Figure 7: Canada, Construction Output Value, Growth Matrix

Figure 8: Canada, Construction Output Value, by Sector (CAD Million), 2013–2022

Figure 9: Canada, Construction Projects Pipeline, Projected Annual Spending by Stage (CAD Million), 2017–2022

Figure 10: Canada, Construction Projects Pipeline, Value by Stage (CAD Million)

Figure 11: Canada, Commercial Construction Output by Project Type (CAD Million), 2013–2022

Figure 12: Canada, Commercial Construction Projects Pipeline, Value by Stage (CAD Million)

Figure 13: Canada, Commercial Construction Projects Pipeline, Projected Annual Spending by Stage (CAD Million)

Figure 14: Canada, Industrial Construction Output by Project Type (CAD Million), 2013–2022

Figure 15: Canada, Industrial Construction Projects Pipeline, Value by Stage (CAD Million)

Figure 16: Canada, Industrial Construction Projects Pipeline, Projected Annual Spending by Stage (CAD Million)

Figure 17: Canada, Infrastructure Construction Output by Project Type (CAD Million), 2013–2022

Figure 18: Canada, Infrastructure Construction Projects Pipeline, Value by Stage (CAD Million)

Figure 19: Canada, Infrastructure Construction Projects Pipeline, Projected Annual Spending by Stage (CAD Million)

Figure 20: Canada, Energy and Utilities Construction Output by Project Type (CAD Million), 2013–2022

Figure 21: Canada, Energy and Utilities Construction Projects Pipeline, Value by Stage (CAD Million)

Figure 22: Canada, Energy and Utilities Construction Projects Pipeline, Projected Annual Spending by Stage (CAD Million)

Figure 23: Canada, Institutional Construction Output by Project Type (CAD Million), 2013–2022

Figure 24: Canada, Institutional Construction Projects Pipeline, Value by Stage (CAD Million)

Figure 25: Canada, Institutional Construction Projects Pipeline, Projected Annual Spending by Stage (CAD Million)

Figure 26: Canada, Residential Construction Output by Project Type (CAD Million), 2013–2022

Figure 27: Canada, Residential Construction Projects Pipeline, Value by Stage (CAD Million)

Figure 28: Canada, Residential Construction Projects Pipeline, Projected Annual Spending by Stage (CAD Million)

Figure 29: Canada, Headquarters of Key Contractors (% of Total Project Pipeline)

Figure 30: Canada, Headquarters of Foreign Contractors (% of Project Pipeline with Foreign Contractor)

Figure 31: Canada, Headquarters of Key Consultants (% of Total Project Pipeline)

Figure 32: Canada, Headquarters of Foreign Consultants (% of Project Pipeline with Foreign Consultants)

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