Industry Lens: Non-Residential Construction—December 2021
The Conference Board of Canada
December 3, 2021
This online report examines the short-and medium-term economic and profitability outlook for Canada’s non-residential construction industry.
- Non-residential construction output will shrink again in 2021, but post modest growth in 2022 and thereafter. The industry will not regain its pre-pandemic size until 2024.
- Construction prospects are best for factories and warehouses but less bright for office buildings and retail structures.
- Companies are already struggling to find workers and will find this increasingly challenging, as retirements rise and workforce entrant volumes are insufficient to fill this gap.
- Industry profit margins will remain modest through 2026 due to persistent cost increases and limited revenue gains.