The construction sector in Canada recorded a construction value added of 133.11 billion USD in 2023. Reviewing the data from 2013 to the present shows minor fluctuations and a general upward trend, notwithstanding the significant dip in 2015 and 2016. The period from 2017 through 2023 indicates a consistent, albeit modest, growth trajectory with an average annual growth (CAGR) of approximately 1.60% over the last five years.
Key observations include:
- A substantial decline between 2015 and 2016 (-14.08% and -1.14%, respectively), followed by a recovery trend beginning in 2017.
- Steady, moderate year-on-year growth from 2017 to 2023, showing values rising from 120.83 billion USD to 133.11 billion USD.
Future trends to watch for:
- Forecasts from 2024 to 2028 predict continued consistent growth, with the CAGR expected to be around 1.05% over the next five years.
- Factors such as governmental infrastructure investments, housing demand, and advancements in construction technology will likely play significant roles in shaping the future growth trajectory of the industry in Canada.