The construction industry in Canada registered annual growth of 6.1 per cent in real terms in 2021 with expansion in 2022 expected to reach four per cent, according to a new forecast by Ireland-based researchmarkets.
August 10, 2022
Last year’s output was supported by an improvement in residential building construction and civil engineering activities, which registered annual growth of 13 per cent and 1.8 per cent respectively, stated a release. Additionally, progress in Canada’s vaccination drive, an increase in household incomes and a recovery in the global economy also enabled the industry’s growth in 2021.
The industry’s output will be supported by investments in residential, transport, housing and oil and gas projects. In January 2022, the Canadian Association of Petroleum Producers reported that capital spending in the country’s oil and gas sector is expected to rise by 22 per cent and reach 32.8 billion in 2022.
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