Established data for Canada's specialized construction activities output from 2013 to 2023 indicates steady growth, moving from 36.57 billion CAD to 55.31 billion CAD in 2023. Despite a dip in 2016, the sector has demonstrated resilience with consistent year-on-year increases, although these rates have moderated over the last five years with a CAGR of 2.98% by 2023. This suggests a stabilizing growth trajectory as the market matures.
Looking ahead, forecasts from 2024 to 2028 anticipate continued but slower expansion. The output is projected to reach 61.65 billion CAD by 2028, reflecting a forecasted five-year CAGR of 1.72% and an overall growth rate of 8.91%. This indicates a progressive deceleration in growth, necessitating close monitoring of market dynamics and potential regulatory impacts.
Future trends to watch for include:
- Advancements in construction technology and practices that improve efficiency and sustainability.
- Government policies and infrastructure spending that could influence market demand.
- Shifts in economic conditions impacting investments and development projects within the sector.
- Emerging demands for specialized construction activities driven by urbanization and environmental considerations.