Market Size of Canada Commercial Construction Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | > 5.00 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Canada Commercial Construction Market Analysis
Canada's commercial construction market is expected to register a CAGR of more than 5% through the forecast period.
- The commercial construction industry in Canada is expanding due to many factors, including low mortgage rates, pent-up assets, and a general shift in usage away from services and goods. The global pandemic slowed growth in the construction industry, but the sector has recovered significantly in the last four quarters as a result of economic recovery.In addition, Canadian commercial construction markets have faced labor shortages during COVID-19, further adding to capacity constraints.
- In Canada, the federal government has placed more than USD 1 billion in investments in the advancement of industrial research and the development of vaccines, which have assisted in the growth of the manufacturing sector. Large warehouse investments from a diverse group that includes the government, e-commerce players, and investment funds are also factoring into growth. Overall, significant growth in the Canadian commercial construction sector will happen in the coming years.
- Commercial office building projects will contribute to the industry's growth in Canada over the next few years. Even as the prospect of the workplace remains uncertain, 19 million square feet of office space is being constructed across the country. Moreover, in 2022, 252 large infrastructure projects were under development, valued at over 25 million U.S. dollars. The value of construction projects has also increased, as is evident by the skyscrapers built over the last decade in major Canadian cities. In general, the construction industry is an important economic driver for Canada as well as an indicator of the strength of the nation's economy.
