A new report from RICSnews suggests Canadian professionals in the field are positive about prospects for the country’s construction sector in the near term even as the broader economy continues to flirt with recession.
The RICS Q1 2023 Canadian Construction Monitor, a quarterly guide to trends in construction and infrastructure, reports prospects look “generally positive” due in part to infrastructure investment despite continuing macro concerns about costs, labour shortages and hesitation caused by hikes in interest rates.
“The feedback we’re getting is still actually quite a solid picture around workloads and in particular infrastructure.” The first asked for views in simple net-balance terms. That indicator suggested more respondents expect profits to increase over the 12-month time horizon than decrease. The latest result of positive-14 per cent compared with a positive-12 per cent in Q4.
“Although material cost growth does now appear to be slackening, it, alongside skilled labour costs, is still seen as likely to be a key factor holding back a recovery in margins,” the report stated. “Infrastructure is continuing to drive the wider construction sector,” the report states. “A net balance of plus-34 per cent of contributors are seeing current workloads rising which is broadly in line with the results of recent quarters.
Rubinsohn said, “There’s a level of resilience about the sector, driven in part by what we’re seeing in terms of the focus on infrastructure. So there is certainly a very solid trend in workloads. And perhaps the other parts of the industry are a little bit more cautious.
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