{"id":19460,"date":"2022-03-03T11:11:00","date_gmt":"2022-03-03T19:11:00","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=19460"},"modified":"2022-03-02T16:12:13","modified_gmt":"2022-03-03T00:12:13","slug":"construction-margins-are-under-enormous-pressure-with-labour-shortage-supply-chain-issues","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2022\/03\/construction-margins-are-under-enormous-pressure-with-labour-shortage-supply-chain-issues\/","title":{"rendered":"Construction Margins are Under Enormous Pressure with Labour Shortage &#038; Supply Chain Issues"},"content":{"rendered":"<p style=\"text-align: justify;\">Following a record-setting year, British Columbia saw housing starts decline during the first month of 2022.<\/p>\n<p style=\"text-align: justify;\">According to the British Columbia Real Estate Association (BCREA), province-wide housing starts fell to 39,400 units at a seasonally-adjusted annual rate (SAAR) in January, representing a month-over-month decrease of 29.2%.<\/p>\n<p style=\"text-align: justify;\">Overall, housing starts in the province were 33.7% below the levels from January 2021. Meanwhile, the six-month moving average trend dropped 4.4% to 42,300.<\/p>\n<p style=\"text-align: justify;\">Tracking housing starts in areas of the province with 10,000 or more residents, the BCREA found that single-detached starts dropped 23.4% month-over-month to 7,200 units, while multi-family starts decreased 33.4% to 28,200 units.<\/p>\n<p style=\"text-align: justify;\">\u201cIncreased housing supply is sorely needed all over the province, which is experiencing an historic drought in terms of the availability of homes,\u201d said the BCREA in its 2022 housing forecast. \u201cA record year of housing starts means a continued pipeline of residential investment that will keep employment in the construction sector robust.\u201d<\/p>\n<p style=\"text-align: justify;\">While housing demand remains high and the employment outlook is increasingly optimistic, labour shortages in BC\u2019s construction industry threaten to slow the province\u2019s pace, as pandemic-related job losses in other sectors haven\u2019t funneled workers into construction roles.<\/p>\n<p style=\"text-align: justify;\">A recent survey from the Independent Contractors and Businesses Association (ICBA) found that while 96% of their member construction companies expect 2022 to be to be as busy or busier than 2021, 75% can\u2019t find enough workers to meet the demand.<\/p>\n<p style=\"text-align: justify;\">A number of factors are related to the labour shortage, including skilled tradespeople reaching retirement age without enough young people or immigrants signing up to fill those vacancies.<\/p>\n<p style=\"text-align: justify;\">\u201cIn Canada, we have an aging population and not enough people entering the workforce,\u201d said ICBA president Chris Gardner. \u201cThe shortage of people combined with supply chain issues, means contractor margins are under enormous pressure. So while construction is busier, it\u2019s much harder for contractors to maintain the same levels of profitability as in past years.\u201d<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/www.livabl.com\/2022\/02\/b-c-housing-starts-dip-amid-construction-labour-shortage.html\" target=\"_blank\" rel=\"noopener\">BC Housing Starts Dip Amid Construction Labour Shortage<\/a> by Ryan Garner | Livabl<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Following a record-setting year, British Columbia saw housing starts decline during the first month of 2022. According to the British Columbia Real Estate Association (BCREA), province-wide housing starts fell to &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2022\/03\/construction-margins-are-under-enormous-pressure-with-labour-shortage-supply-chain-issues\/\">read more<\/a>]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[13],"tags":[],"class_list":["post-19460","post","type-post","status-publish","format-standard","hentry","category-real-estate"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Construction Margins are Under Enormous Pressure with Labour Shortage &amp; Supply Chain Issues &#8226; Rory C Real Estate | Oakwyn Realty<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.roryc.ca\/blog\/2022\/03\/construction-margins-are-under-enormous-pressure-with-labour-shortage-supply-chain-issues\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Construction Margins are Under Enormous Pressure with Labour Shortage &amp; Supply Chain Issues &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"Following a record-setting year, British Columbia saw housing starts decline during the first month of 2022. 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