From 2013 to 2023, the Gross Value Added (GVA) of Specialized Construction Activities in Canada experienced a generally upward trend, rising from 20.89 billion CAD to 32.34 billion CAD. The year-on-year growth varied significantly, peaking in 2014 with a 10.13% increase and encountering minor declines only around 2016. Over the last two years, the GVA saw modest increases of 2.8% in 2022 and 2.69% in 2023, indicating a stabilization phase.
Key Highlights:
- 2013-2014: Strong growth at 6.07% and 10.13% respectively.
- 2016: Slight decline of 1.36%, the only year with negative growth.
- 2020-2023: Steady low growth, averaging around 2.5%-3% annually.
- 2024 Forecast: Expected continued growth, albeit at a slower pace with a 5-year CAGR of 1.87%, totaling 36.4 billion CAD by 2028.
Future trends to watch for include the impact of economic policies on infrastructure spending, technological advancements in construction techniques, and potential regulatory changes. Monitoring these factors will be vital for understanding the emerging opportunities and risks in the Specialized Construction Activities sector in Canada.