{"id":23197,"date":"2024-01-10T11:11:00","date_gmt":"2024-01-10T19:11:00","guid":{"rendered":"https:\/\/www.roryc.ca\/blog\/?p=23197"},"modified":"2024-01-10T13:49:14","modified_gmt":"2024-01-10T21:49:14","slug":"bc-construction-industry-forecasts-2024-will-be-a-busier-year","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2024\/01\/bc-construction-industry-forecasts-2024-will-be-a-busier-year\/","title":{"rendered":"BC Construction Industry Forecasts 2024 will Be A Busier Year"},"content":{"rendered":"<p style=\"text-align: justify;\">Attitudes about the year ahead for BC\u2019s construction industry are looking rosier than expected.<\/p>\n<p style=\"text-align: justify;\">Despite economic uncertainties, 87% of BC contractors expect 2024 to be as busy \u2013 or even busier \u2013 compared with last year, according to an annual survey from the Independent Contractors and Businesses Association (ICBA).<\/p>\n<p style=\"text-align: justify;\">\u201cThis seems counterintuitive given that we have rolled from one crisis to another in recent years \u2013 from the COVID-19 pandemic, to supply chain disruptions, to inflation and then historic increases in interest rates,\u201d said ICBA president Chris Gardner in a Jan. 8 survey report.<\/p>\n<p style=\"text-align: justify;\">While forward-looking attitudes for construction are positive, two-thirds of BC contractors cite the shortage of people as the biggest challenge in 2024.<\/p>\n<p style=\"text-align: justify;\">When survey respondents were asked if there are enough qualified workers in the trades they require, 79% said no.<\/p>\n<p style=\"text-align: justify;\">\u201cFour in five contractors still can\u2019t find enough of the people they need. This dynamic has not changed for years given Canada\u2019s dismal record of identifying the skills gaps in our economy and attracting the new immigrants we need to fill them,\u201d said Gardner.<\/p>\n<p style=\"text-align: justify;\">\u201cLast year, only 2% of the approximately 460,000 new permanent immigrants to Canada ended up pursuing a career in the construction trades. We must do better.\u201d<\/p>\n<p style=\"text-align: justify;\">The industry dealt with headwinds such as inflation and higher interest rates in 2023, complicating the financial feasibility and delivery of projects. Survey respondents indicate that labour shortages, supply chain issues and government red tape will be among the biggest challenges they face in the year ahead.<\/p>\n<p style=\"text-align: justify;\">Electricians currently have the largest shortage of positions, with carpenters in second and plumbers in third. Carpentry ranks first when it comes to the largest shortages coming from future retirements.<\/p>\n<p style=\"text-align: justify;\">However, labour shortages can also result in increased career opportunities for those looking to get into the construction industry, said Gardner.<\/p>\n<p style=\"text-align: justify;\">\u201cConstruction trades are in intense demand, and the earnings potential remains strong \u2013 meaning that real incomes are growing at a faster pace than in other sectors,\u201d he said.<\/p>\n<p style=\"text-align: justify;\">Survey respondents predict that the average construction hourly wage will increase by 5% this year, with an additional 6% increase in 2025.<\/p>\n<p style=\"text-align: justify;\">Other challenges identified by survey respondents are supply chain issues, with 62% of those surveyed saying that they are experiencing delays. This is in addition to challenges with government red tape, with 60% saying that the government is on the wrong track, up from 55% last year.<\/p>\n<p style=\"text-align: justify;\">\u201cWe have not moved the needle on housing supply for the past 50 years \u2013 we are building fewer homes today than we did in 1972. Reams of new regulations and convoluted approval processes have choked the supply we need to keep home prices affordable for first-time homebuyers and young families,\u201d said Gardner.<\/p>\n<p style=\"text-align: justify;\">\u201cAll three levels of government need to stop the finger-pointing and working at cross-purposes, and collaborate meaningfully to fast track housing, cut red tape, and put in place practical policies that will make a real difference for home buyers.\u201d<\/p>\n<p><a href=\"https:\/\/biv.com\/article\/2024\/01\/bc-construction-industry-predicted-be-surprisingly-robust-2024\" target=\"_blank\" rel=\"noopener\">BC Construction Industry Predicted to Be &#8220;Surprisingly Robust&#8221; in 2024<\/a> by Claire Wilson | BIV<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Attitudes about the year ahead for BC\u2019s construction industry are looking rosier than expected. Despite economic uncertainties, 87% of BC contractors expect 2024 to be as busy \u2013 or even &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2024\/01\/bc-construction-industry-forecasts-2024-will-be-a-busier-year\/\">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":[8,27,13],"tags":[],"class_list":["post-23197","post","type-post","status-publish","format-standard","hentry","category-market-updates","category-pre-sale-projects","category-real-estate"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>BC Construction Industry Forecasts 2024 will Be A Busier Year &#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\/2024\/01\/bc-construction-industry-forecasts-2024-will-be-a-busier-year\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"BC Construction Industry Forecasts 2024 will Be A Busier Year &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"Attitudes about the year ahead for BC\u2019s construction industry are looking rosier than expected. 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