Canada construction Heating
Despite the Canadian economy and overall decreased residential construction spending, infrastructure and private sector investments continue to keep the country’s construction market hot. In fact, Canada is expected to become the world’s 5th largest global construction market by 2020 according to BTY Group (BTY), one of Canada’s leading providers of Cost Management, Project Monitoring and Public-Private Partnership Advisory Services. This is not surprising when you review the charts below which reflect the industry’s growth from 2011 – 2012.
It’s no secret that Canada’s infrastructure, energy, resources and commercial markets are going strong. Major transportation and social infrastructure projects are valued at $43B while another $140B is planned to be invested in new mining projects through 2017. In addition to these are significant expansion and redevelopment projects of office and retail space, stimulated by the entrance of major new U. S. and U. K. chains across the country including Target, Nordstrom and Topshop.
According to BTY’s 4th Quarter 2012 report, highlights of each province’s construction activities are:
- Significant transportation and social infrastructure projects that include rail transit, subway extensions, station renovations, healthcare and university spaces.
- Commercial/Retail construction and redevelopment is heating up with Toronto boasting 16 new office towers and multiple malls being redeveloped.
- $800M being invested in Pan American Games Athletes Village for the 2015 games.
- Large healthcare projects include $2B New Oakville Hospital, $1.75B Humber River Regional Hospital and $759M Niagara Healthcare System.
- Energy and mining projects abound with $7B in wind/solar power generation by a consortium led by Samsung, and the $2.6B Lower Mattagami Hydroelectric Complex. Northern Ontario’s “Ring of Fire” is an area to watch, which is rich in minerals such as chromite and nickel, key ingredients in stainless steel.
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