The value added of specialized construction activities in Canada has demonstrated a steady upward trajectory from 2013 to 2023, with fluctuations reflecting industry dynamics. In 2023, the sector stood at 33.02 billion Canadian dollars, marking a year-on-year increase of 3.45%. The average annual growth rate over the past five years has been 3.56%, showing consistent, moderate growth.
Over a longer period, the industry's resilience is evident from its ability to rebound from minor declines and sustain growth. From 2018 to 2023, the sector grew at an average annual rate of 4.46%, illustrating healthy demand and investment in specialized construction activities.
Looking ahead to the forecast period from 2024 to 2028, the sector is expected to grow at a compound annual growth rate (CAGR) of 2.38%, achieving a cumulative growth of 12.48%. Key trends to watch include advancements in construction technology, sustainability practices, and the impact of economic policies on infrastructure investment.