Canada Construction Market Size, Trend Analysis by Sector, Competitive Landscape and Forecast, 2023-2027

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Published: September 29, 2023 Report Code: GDCN1235MR-ST

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Canada Construction Market Report Overview

The Canadian construction market size was $349.1 billion in 2022. The market is projected to achieve an AAGR of more than 1% during 2024-2027. The forecast period growth will be supported by the developments in the energy, commercial, residential, and education sectors.

Canada Construction Market Outlook, 2022-2027 ($ Billion)

Canada Construction Market Outlook, 2022-2027 ($ Billion)

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The Canada construction market research report provides detailed market analysis, information, and insights into the Canadian construction industry, including the growth prospects of the industry by market, project type, and construction activity. The report also delivers 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. It also provides an analysis of the mega-project pipeline, focusing on development stages and participants, in addition to listings of major projects in the pipeline. The market report discusses the sectors present within the construction market and provides an overview of each sector along with their driving factors.

Market Size (2022) $349.1 Billion
AAGR (2024-2027) >1%
Forecast Period 2023-2027
Historical Period 2018-2022
Key Sectors ·        Commercial Construction

·        Industrial Construction

·        Infrastructure Construction

·        Energy and Utilities Construction

·        Institutional Construction

·        Residential Construction
Key Contractors ·        SNC-Lavalin Group Inc

·        Fluor Corp

·        Aecon Group Inc

·        Kiewit Corp

·        PCL Constructors Inc
Key Consultants ·        WSP Global Inc

·        Arcadis NV

·        Stantec Inc

·        SNC-Lavalin Group Inc

·        AECOM
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Canada Construction Market Segmentation by Sectors

Residential construction was the leading sector in the Canadian construction market in 2022.

The key sectors in the Canadian construction market are commercial construction, industrial construction, infrastructure construction, energy and utilities construction, institutional construction, and residential construction.

Residential construction: The residential construction sector is set to decline in 2023 and 2024, owing to rising interest rates coupled with a decline in the commencement of construction of new residential buildings and low building permits issued since the beginning of 2023. However, the sector’s output is expected to regain growth momentum from 2025 supported by public investment to boost affordable housing construction.

Energy and utilities construction: The energy and utilities construction sector is expected to grow this year, before easing to an annual average rate of 2.3% between 2024 and 2027, aided by developments in the oil and gas sector, in line with the government’s estimate of generating over CAD638 billion ($495 billion) in oil and gas revenues from 2023 to 2032. Growth over the forecast period will also be supported by the government’s aim to reduce GHG emissions by 40-45% by 2030 from 2005 levels and achieve net-zero GHG emissions by 2050.

Commercial construction: The commercial construction sector growth is mainly supported by an improvement in the tourism sector and the retail sector. During the projected period, the growth of this sector will be supported by an increase in investments in leisure and hospitality buildings, office buildings and retail buildings.

Infrastructure construction: The infrastructure construction sector’s growth output is supported by an increase in investment in transport developments including highways under the federal and regional governments’ 2023 Budgets.

Institutional construction: Activity in the institutional construction sector is expected to remain weak in 2023. The slowdown is attributed to increased inflationary pressures, interest rate hikes and declining building permits. However, the institutional sector’s weakness is expected to be mitigated by the regional government’s investments in improving healthcare and education developments over the forecast period.

Industrial construction: The industrial construction sector is expected to grow in 2023, reflecting an increase in investments and building permits since the beginning of 2023. In 2024–2027, the industrial sector’s output will be supported by an increase in the public and private investment in Electric Vehicle (EV) markets and the government’s goal of transforming the country into an industrial hub.

Canada Construction Market Analysis by Sectors, 2022 (%)

Canada Construction Market Analysis by Sectors, 2022 (%)

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Canada Construction Market - Competitive Landscape

Domestic contractors account for a majority share of the project pipeline.

Leading Contractors: The leading contractors in the Canada construction market are SNC-Lavalin Group Inc, Fluor Corp, Aecon Group Inc, Kiewit Corp, PCL Constructors Inc, Vinci SA, Actividades de Construccion y Servicios SA, EllisDon Corporation, Bird Construction Inc, and Graham Group Ltd among others. SNC-Lavalin Group Inc. led the Canadian construction market with the highest valuation of projects in 2022.

Canada Construction Market by Contractors, 2022 (%)

Canada Construction Market by Contractors, 2022 (%)

Leading Consultants: The leading consultants in the Canada construction market are WSP Global Inc, Arcadis NV, Stantec Inc, SNC-Lavalin Group Inc, AECOM, IBI Group Inc, Golder Associates Ltd, Hatch Ltd, Bousfields Inc, and John Wood Group Plc among others. WSP Global Inc led the market with the highest valuation of construction projects.

Canada Construction Market by Consultants, 2022 (%)

Canada Construction Market by Consultants, 2022 (%)

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Latest Developments in the Construction Market

  • In June 2023, the Ontario government announced its aim to provide CAD15 billion ($11.6 billion) in capital grants for the expansion and upgrading of schools and childcare facilities over 10 years.
  • The federal government is on track to deliver more than CAD105.7 billion ($82 billion) for the Nation Housing Strategy (2018-28). Out of the total, the government has already invested CAD47.4 billion ($36.8 billion) by June 2023 and the remaining will be invested further by 2028 to boost affordable housing.
  • In September 2023, Canada-based electric utility holding company, Fortis Inc. launched a new five-year capital plan worth CAD25 billion ($18.5 billion) of investments in renewable sources during 2024-28.

Segments Covered in the Report

Canada Construction Sectors Outlook (Value, $ Billion, 2018-2027)

  • Commercial Construction
  • Industrial Construction
  • Infrastructure Construction
  • Energy and Utilities Construction
  • Institutional Construction
  • Residential Construction

Scope

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

• 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

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.

Table of Contents

  • 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

      • 4.1.1 Outlook

      • 4.1.2 Latest news and developments

      • 4.1.3 Construction Projects Momentum Index

    • 4.2 Commercial Construction

      • 4.2.1 Outlook

      • 4.2.2 Project analytics

      • 4.2.3 Latest news and developments

    • 4.3 Industrial Construction

      • 4.3.1 Outlook

      • 4.3.2 Project analytics

      • 4.3.3 Latest news and developments

    • 4.4 Infrastructure Construction

      • 4.4.1 Outlook

      • 4.4.2 Project analytics

      • 4.4.3 Latest news and developments

    • 4.5 Energy and Utilities Construction

      • 4.5.1 Outlook

      • 4.5.2 Project analytics

      • 4.5.3 Latest news and developments

    • 4.6 Institutional Construction

      • 4.6.1 Outlook

      • 4.6.2 Project analytics

      • 4.6.3 Latest news and developments

    • 4.7 Residential Construction

      • 4.7.1 Outlook

      • 4.7.2 Project analytics

      • 4.7.3 Latest news and developments

  • 5 Key Industry Participants

    • 5.1 Contractors

    • 5.2 Consultants

  • 6 Construction Market Data

  • 7 Appendix

    • 7.1 What is this Report About?

    • 7.2 Definitions

    • 7.3 CRI Methodology

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