Canada’s biggest urban hubs like Vancouver are at the head of a construction boom that’s left builders scrambling to find skilled workers to accommodate numerous large-scale projects. After weathering through a difficult 2017, the construction industry is finally on the rebound, according to construction management experts. It shows no signs of slowing down with Vancouver as one of its hottest spots.
Dan Greenhalgh and other top builders cite several major factors that led to accelerated construction across British Columbia, which already hit record-levels in Vancouver.
One element is the influx of people coming from various provinces, thus triggering greater demand for housing. This, in turn, fuelled a construction frenzy to provide not only shelter, but related infrastructure like schools, shopping centers, commercial outlets, and hospitals to accommodate the rising number of people.
The construction frenzy in Vancouver is also supported by an eager real estate market. Developers are currently experiencing a good return on investment, particularly with high-density residential projects like condos and purpose-built rentals.
Construction in Vancouver
Multi-family projects in the Vancouver area has surged by 13%. The rate of starts for the previous month was pegged at 20,252, but it has risen by 60% to 32,428, according to the Federal Housing Agency. Core areas like Richmond, North Vancouver, and the City of Vancouver are seeing the most activity.
In general, British Columbia is also planning to expand public transportation to accommodate its growing population. Proposed construction projects in British Columbia have grown to $325bn, a growth of over 98% over a five-year period.
Call for More Workers
Amidst all of this growth, however, the construction industry is facing a serious challenge — the wide-scale shortage of skilled workers. Along with its plans for expanding public transportation, for instance, British Columbia is also planning to lay down some mining projects and pipelines that will create numerous job opportunities for construction workers in non-residential sectors. However, job openings have exceeded the available man power.
It’s the same story in Vancouver, where builders are finding it difficult to find the different type of workers they need for their projects. A staff shortage is looming large over Canada, which stands to get worse due to retirement, with more than 122, 000 workers expected to leave the industry.
Because of this, many builders are trying to attract foreign skilled workers to the country. For locals, however, it’s also a fantastic time to take up a trade and jumpstart a career in construction.
At present, Canada’s real estate and construction industry is all about possibility. However, experts foresee all of this growth to peak in a couple of years as the industry matures. For now, the competition and wealth of opportunities are forcing developers, owners, investors, and workers to step up and take advantage of the industry’s steady climb. And since the health of the economy is often tied up with the performance of the construction industry, these developments serve as a good omen for the country in general.