The Specialized Construction Activities Sector in Canada has exhibited significant growth over the past decade. As of 2023, the sector stands at 317.4 thousand units (persons), showcasing notable year-on-year variations. While 2020 saw a dip (-5.41%) due to economic disruptions, subsequent years rebounded positively with increases in 2021 (9.96%), 2022 (6.69%), and a slight rise in 2023 (0.96%). The compound annual growth rate (CAGR) over the five-year period leading up to 2023 is 3.83%.
Looking ahead, forecasts indicate continuous expansion, with a projected CAGR of 2.46% from 2024 to 2028, culminating in a growth rate of 12.92% by 2028. The future trends to watch for include technological advancements in construction, the rise of green building practices, and workforce dynamics influenced by demographic shifts and skills shortages.