The Royal Institution of Chartered Surveyors (RICS) launched its Canadian Construction Monitor for Q1 2024, which shows promising growth for the sector despite challenges.
The Q1 2024 RICS-CIQS Canada Construction Monitor results point to an improvement in market conditions through the early part of the year, with growth in workloads accelerating across both the residential and non-residential sectors.
The report further indicates 12-month expectations were upgraded across all sub-sectors. However, challenges persisted, notably in skills and labour shortages.
The Construction Activity Index shows expansion, particularly in the Prairie Provinces and British Columbia; workload projections for the next 12 months seem positive, especially in residential and commercial sectors.
The Q1 report also predicts skill shortages and material costs to still cause significant obstacles. Moreover, financial constraints continue to hamper activity for more than 60 per cent of contributors. Despite these challenges, an improved outlook is projected for profit margins due to expected easing in cost inflation.
