Canadian Construction Set To Grow Amid Industry Challenges

By Sarah Webb – American Rental Association (ARA) A recent insight from Procore unveils that 90% of construction firms in Canada hold a positive outlook on industry conditions in the upcoming year. In collaboration with Censuswide, Procore engaged 502 stakeholders in the Canadian construction sector, including owners, general contractors, and subcontractors, for its industry benchmark report titled “How We Build Now: Technology and Industry Trends Shaping Canadian Construction in 2023.” The comprehensive report delves into the industry’s sentiment, digital advancement, technology adoption, challenges, and opportunities. Nolan Frazier, Procore’s Regional Sales Director for Canada, remarked on the encouraging trend, stating, “We are encouraged to see the Canadian construction industry’s leaders express optimism as they look to consolidate and build on post-pandemic progress.” The survey highlights that 44% of respondents are “very confident” about the industry’s conditions over the next year. Notably, 71% of construction companies anticipate an increase in project count or value within the same timeframe. A notable finding centers around the residential construction sector. Among these firms, 43% expect to build more housing units in 2023 compared to the previous year. In Ontario, this sentiment is even more pronounced, with 60% of surveyed companies projecting increased housing construction. However, a contrasting picture emerges in British Columbia and Alberta, where 51% and 55% of respondents, respectively, in the residential sector anticipate a decrease in housing unit construction. READ FULL ARTICLE >>