PEI construction sector benefits from steady but moderate growth
March 17, 2015 by STAFF REPORT
After a modest decline in 2015, construction employment gains in most years with steady demand for new housing and commercial building, according to the latest forecast released by BuildForce Canada.
“Even modest expansion over the next five years may challenge labour markets as construction employment rises to record levels starting in 2016 and peaking in 2020,” said Rosemary Sparks, Executive Director of BuildForce Canada.
BuildForce Canada’s 2015-2024 Construction and Maintenance Looking Forward forecast shows moderate gains in construction investment. Engineering construction is mostly unchanged, while the largest and most consistent gains are in commercial building, which rises steadily to 2024. Following declines in 2013 and 2014, new housing is projected to rise over the next five years. Rising construction activity is expected to create almost 600 new jobs from now until 2024.
BuildForce Canada’s forecast also shows:
- With no new major projects, engineering employment dips in 2016 and 2017 as utilities work winds down, but then cycles back up with employment remaining close to current levels for most of the outlook period.
- New housing rises to 2020 and then declines, while renovation and maintenance work rises in steady annual increments across the scenario period.
- As many as 1,500 workers, or 26 per cent of the construction workforce, is expected to retire over the next 10 years.
“The local construction industry needs new workers,” added Sparks. “Replacing retirees and keeping up with rising demand requires long-range planning and aggressive recruitment.”
BuildForce Canada is a national industry-led organization that represents all sectors of Canada’s construction industry. Its mandate is to provide accurate and timely labour market data and analysis, as well as programs and initiatives to help manage workforce requirements and build the capacity and the capability of Canada’s construction and maintenance workforce. Visit: www.constructionforecasts.ca