{"main-title":{"component":"hc_title","id":"main-title","subtitle":"","title_content":{"component":"hc_title_image","id":"title-image","image":"https://continuum.developmentserv.com/wp-content/uploads/2020/08/construction-comanies-digitization-toronto-canada.png|700|2048|9138%22,%22full_screen%22:false,%22full_screen_height%22:%22%22,%22parallax%22:false,%22bleed%22:%22%22,%22ken_burn%22:%22%22,%22overlay%22:%22transparent-dark%22,%22breadcrumbs%22:true,%22white%22:true%7D,%22title%22:%22Canada%E2%80%99s Construction Industry – Facts & Insights"},"section_5ZtkF":{"component":"hc_section","id":"section_5ZtkF","section_width":"","animation":"","animation_time":"","timeline_animation":"","timeline_delay":"","timeline_order":"","vertical_row":"","box_middle":"","css_classes":"","custom_css_classes":"","custom_css_styles":"","section_content":[{"component":"hc_column","id":"column_vtfQF","column_width":"col-md-12","animation":"","animation_time":"","timeline_animation":"","timeline_delay":"","timeline_order":"","css_classes":"","custom_css_classes":"","custom_css_styles":"","main_content":[{"component":"hc_wp_editor","id":"Xhugf","css_classes":"","custom_css_classes":"","custom_css_styles":"","editor_content":"Canada’s real GDP is expected to rise by 1.5% in 2019 and by 1.9% in 2020, according to the IMF. The construction sector is one of the largest sectors and most important driver of the Canadian economy contributing almost 7% of Canada’s GDP and employing about 7.5% of Canada’s total workforce.
Canada’s construction industry output value was estimated to be US$291.2B in 2018. This is expected to grow to US$304.6B in 2023 (measured at constant 2017 US dollar exchange rates), at a compound annual growth rate (CAGR) of 0.90%, according to GlobalData, a leading data and analytics company.
Globally, every year, there is about $10 trillion in construction-related spending globally, equivalent to 13 percent of GDP. However, the construction industry is like a battleship – it moves very slowly. It is based on standards of productivity that have not evolved over the past 25 years.
Because of the productivity trail – there is a $1.6 trillion opportunity to close the gap.
Underperformance Issues:
Increasing Construction Costs:
Labor Shortage in Construction is an Industry wide Concern:
Productivity Challenges in Construction:
Challenges to Construction Digitization:
Sources: McKinsey Global Institute , GCP, Construction Economic Forum, World Economic Forum , KPMG , Project Analysis Group, MCSER, Navigant Construction Forum, Accenture"},{"component":"hc_pt_post_informations","id":"eQ8RP","css_classes":"","custom_css_classes":"","custom_css_styles":"","post_type_slug":"","position":"left","date":true,"categories":true,"author":true,"share":true}]}],"section_settings":""},"scripts":{},"css":{},"css_page":"","template_setting":{"settings":{"id":"settings"}},"template_setting_top":{},"page_setting":{"settings":["lock-mode-off"]},"post_type_setting":{"settings":{"image":"https://continuum.developmentserv.com/wp-content/uploads/2023/08/construction-industry-statistics.webp|214|363|18090%22,%22excerpt%22:%22Canada%E2%80%99s real GDP is expected to rise by 1.5% in 2019 and by 1.9% in 2020..","extra_1":"","extra_2":"","icon":{"icon":"","icon_style":"","icon_image":""}}}}
