On-Site Magazine

Top Contractors looking ahead

By Adam Freill   

Construction Leadership

Last year presented a mix of revenue results within Canada’s construction sector, but the overall picture kept to a steady climb, with this year’s amalgamated list of the Top 40 contractors in Canada reporting 2023 revenues that were more than $4 billion higher than the Top 40 from last year’s list (2022 revenues).

The greatest segments for revenue growth were related to publicly funded projects, as infrastructure appears to be gaining government attention, with new mass transit systems, bridgeworks, roadways and energy-related projects underway, or soon to be. Hospitals and other institutional projects are also helping to nudge revenues ever higher.

Only one segment in On-Site’s industry polling was without a company reporting an increase in revenues in 2023, as gainers outpaced companies seeing declines by a significant margin in most segments.

Looking ahead, there is cautious optimism in the air, along with an anticipation of interest rate reductions that will help on the financing front. The latest Construction Monitor report from the Royal Institution of Chartered Surveyors (RICS) and Canadian Institute of Quantity Surveyors showed an improved picture for the Canadian market, with growth seen across both the private residential and non-residential sectors in terms of workload in the first quarter of 2024, marking a positive start on next year’s report.

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Once again, the team at On-Site would like to thank all of the companies that took the time to participate in our annual survey. Your valuable contributions make this research possible and allow us to share trends and insights with our industry.

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