The construction industry is experiencing a significant upswing in North America, particularly in Canada, where it serves as a vital sector employing more than 1.4 million individuals and contributing over $250 billion annually to the economy.
In the year 2022, an impressive $136 billion worth of building permits were issued, marking a notable 7% increase compared to the figures from 2021. To assess the extent of construction activity, a key indicator is the total count of building permits issued. By the end of 2022, the number of building permits issued had surpassed 425,000, representing a 10.8% decrease in permit numbers. Interestingly, while the overall value of permits has risen, the actual quantity of permits has declined. Nonetheless, the cost of construction has been on a steady incline, as both the residential and non-residential price indexes continue to exhibit upward trends on a year-on-year and quarter-on-quarter basis. These price hikes can be attributed to various factors, including supply chain disruptions, increased borrowing costs, and a tight labor market
At Bridging Local, our expertise lies in helping you gain a profound understanding of the construction market. We are committed to providing valuable insights into market opportunities, identifying gaps, analyzing competition, and formulating effective strategies to successfully launch and establish your construction startup.