BuildForce Canada Releases Highlights Report
BuildForce Canada recently released the new Construction and Maintenance Looking Forward 2015-2024 Highlight Report.
This is a key report that provides an indicator on the health and trends of the construction industry in many years to come. It’s been noted that Manitoba has enjoyed steady investment and growth in the industry, which will slow in the coming years, but will continue to sustain modest growth.
- Construction investment in Manitoba continues to grow, driven by major hydroelectric and transmission line projects. Engineering construction is projected to peak in 2016 and then slow as known major projects wind down. Commercial and institutional building construction rises steadily across the forecast period.
- Residential investment declined briefly in 2014, but resumes growth in 2015. It peaks in 2019 and slows across the remainder of the scenario period driven by declines in new housing, but overall investment stays well above historical levels of activity.
- Total construction employment adds 3,700 jobs over the forecast period, with a short-term buildup in engineering related work from 2015 to peak in 2016 and then more gradual gains in commercial and residential jobs.
- Gains in non-residential employment dominate the first years of the scenario.
- Residential activity rises to record levels by 2019 – adding jobs at the middle of the forecast period.
- From 2015 to 2016, hiring from outside the province is needed to complete major projects – up to 3,000 workers arrive across the period.
- As some projects wind down, starting in 2018, the local workforce can meet demands later in the scenario period.
- Residential, commercial, industrial and engineering markets all add small increments to employment across the scenario.
- Labour market challenges emerge over the near term – especially from 2015 to 2016 as the major non-residential projects ramp up employment to peak demands in 2016 that carry over into 2017.
Click here to view the full report.
Posted on: March 16, 2015