Industry Lens: Non-Residential Construction—December 2021

The Conference Board of Canada, December 3, 2021
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This online report examines the short-and medium-term economic and profitability outlook for Canada’s non-residential construction industry.

Document Highlights

  • 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.

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