Construction Sector - Canada - December 2023
Paul Young
Experience Senior Financial Planning, Analysis and Reporting SME seeking P/T or F/T job.
The residential sector experienced its second consecutive annual decline in building permit values, declining by?15.5% to $48.3?billion in?2023, while the non-residential sector rose for the third consecutive year, up?1.7% to $35.9?billion in?2023. The institutional (+14.4%; +$1.4?billion) and industrial (+4.1%; +$290.8?million) components experienced series highs in construction intentions, leading to an overall growth increase in the non-residential sector. However, growth in the non-residential sector was tempered by the decline in the commercial component (-6.1%; -$1.1?billion), which accounted for almost half of the value of construction intentions in the non-residential sector.
The gains in the institutional component were mostly attributed to large construction intentions for hospitals and long-term care facilities. The demand on the Canadian healthcare system has been magnified in recent years due to the COVID-19?pandemic and Canada's aging population. A variety of public policies have been announced to address the high demands on the healthcare system, including investments from various levels of government like the federal Canada Health Transfer top-ups, and bilateral agreements between governments. In?2023, the largest building permit issued was for a new hospital in Ville de Vaudreuil-Dorion (Quebec), with an estimated construction value of almost $1.0?billion. Construction intentions for hospital permits that cost over $100.0?million were recorded in Montréal and the Greater Toronto Area, as well as throughout British Columbia, specifically in Dawson Creek, North Cowichan, Williams Lake and the Greater Vancouver Area.
Building permits for long-term care facilities also bolstered growth in the institutional component, with large construction intentions concentrated in Ontario, Quebec and Nova Scotia. The institutional component in Nova Scotia (+197.0%; +$146.8?million) recorded its highest-ever yearly increase in?2023, with approximately three-quarters of institutional construction intentions tied to senior living spaces and specifically long-term care facilities, aligning with the Government of Nova Scotia 's goal of expanding the availability of long-term care in the province.
Source: Stats Canada
Paul Young CPA CGA is a former IBM Customer Success Manager that has deployed over 300 data and AI solutions across geographies and industries for the past 8 years.
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Blog – Construction Spending – United States – December 2023 - https://www.dhirubhai.net/pulse/construction-spending-united-states-december-2023-paul-young-tpdfc/
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