{"id":21862,"date":"2023-05-17T10:10:00","date_gmt":"2023-05-17T17:10:00","guid":{"rendered":"https:\/\/www.roryc.ca\/blog\/?p=21862"},"modified":"2023-05-17T10:11:07","modified_gmt":"2023-05-17T17:11:07","slug":"construction-industry-housing-starts-residential-investing-will-recover-by-2026","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2023\/05\/construction-industry-housing-starts-residential-investing-will-recover-by-2026\/","title":{"rendered":"Construction Industry, Housing Starts &amp; Residential Investing will Recover by 2026"},"content":{"rendered":"<p style=\"text-align: justify;\">Housing starts and investment in residential construction are expected to weaken throughout 2023 and into 2024 as the impact of elevated interest rates cools BC &#8216;s construction industry, according to a new report from BuildForce Canada.<\/p>\n<p style=\"text-align: justify;\">\u201cWe anticipate in the short term that there will be a bit of a pullback, in part, because consumers saw interest rates rise rapidly in 2022 and once they adjust their expectations to higher interest rates, we believe that they&#8217;re going to get back into the market,\u201d said Bill Ferreira, executive director of the construction industry advocacy group.<\/p>\n<p style=\"text-align: justify;\">This period of decline comes after residential housing starts reached more than 45,000 units in both 2021 and 2022.<\/p>\n<p style=\"text-align: justify;\">Gains in renovations and maintenance investments are expected to offset potential losses in 2023 and 2024. The push to add density in BC municipalities as well as the shortage of previously undeveloped land in Vancouver will contribute to this, said Ferreira.<\/p>\n<p style=\"text-align: justify;\">\u201cWe see ongoing and growing activity in the renovation market because of those various factors as well as individuals that don&#8217;t want to leave their home, want to age in place and will need to upgrade their home to enable them to age in place,\u201d he said.<\/p>\n<p style=\"text-align: justify;\">Residential renovation and maintenance made up roughly 18 per cent of construction employment in 2022, according to BuildForce\u2019s April 28 report. New housing construction accounts for the largest proportion at 34%.<\/p>\n<p style=\"text-align: justify;\">The average annual unemployment rate for the construction fell to under 4% in 2022. Rising demand and the expected retirement of 38,200 workers over the next 10 years means the industry will need to add 52,600 workers within that period.<\/p>\n<p style=\"text-align: justify;\">\u201cThe residential sector is going to be hard-pressed in the next little while, [while] this brief reprieve until 2024 eases some of the pressure that we saw last year. It will actually loosen labour markets,\u201d said Ferreira. \u201cBut over time, we&#8217;re going to continue to see strong demand for employment right throughout the forecast period, all the way out to 2032.\u201d<\/p>\n<p style=\"text-align: justify;\">Many projects in the major transportation and heavy-industrial sectors, liquified natural gas developments, pipelines and port expansions will be winding down over the next three to four years. This will work to dampen pressure on the non-residential labour pool, according to the report.<\/p>\n<p style=\"text-align: justify;\">Engineering accounts for roughly 24% of the construction labour market, with 14% working in industrial, commercial, institutional projects and 9% in non-residential maintenance.<\/p>\n<p style=\"text-align: justify;\">\u201cThere&#8217;s a high level of inventory of major projects in the province that will quickly help the industry recover soon after. A lot of them are in the Vancouver area around public transit as well as hospitals, healthcare, but also in Victoria and elsewhere in the province,\u201d Ferreira said.<\/p>\n<p><a href=\"https:\/\/biv.com\/article\/2023\/05\/housing-starts-and-investment-residential-real-estate-will-recover-2026-buildforce\" target=\"_blank\" rel=\"noopener\">BC Construction Industry Expected to Cool in 2023, 2024 Amid High Interest Rates<\/a> by Claire Wilson | BIV<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Housing starts and investment in residential construction are expected to weaken throughout 2023 and into 2024 as the impact of elevated interest rates cools BC &#8216;s construction industry, according to &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2023\/05\/construction-industry-housing-starts-residential-investing-will-recover-by-2026\/\">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":[8],"tags":[],"class_list":["post-21862","post","type-post","status-publish","format-standard","hentry","category-market-updates"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Construction Industry, Housing Starts &amp; 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