The output of specialized construction activities in Canada reached 55.9 billion Canadian dollars in 2023, with a year-on-year growth rate of 3.17%. Historical analysis highlights a fluctuating trend from 2013 to 2023. Specifically, from 2013 to 2018, there was a significant annual increase, peaking at 7.01% in 2018. Post-2018, growth percentages slightly diminished, averaging a 3.2% CAGR over the past five years. Forecasted data from 2024 to 2028 suggest a steady, albeit modest, upward trend with a 2.2% average annual growth rate.
Future trends to watch for include:
- Potential impacts of governmental infrastructure investments.
- Technological advancements driving productivity in specialized construction.
- Shifts in market demand due to economic conditions or regulatory changes.