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A resilient sector
Although Canada’s construction industry seems to be destined to be hit by wave after wave of challenges, its resilience showed few cracks as revenues were on the rise in 2022, as can be seen in this year’s Top Contractors list.
Despite inflationary pressures being added to the obstacles to navigate – a list that last year included supply chain tightness, labour concerns, the lingering impacts of the pandemic, and heightened inflation – revenues held steady or were on the rise at the vast majority of companies that took part in our annual voluntary survey of the industry. And the industry added a few more companies to the billion-dollar club in our list of the Top 40 by revenue as well.
Against an economic backdrop that saw inflation hit a 39-year high of 8.1 per cent in June of 2022, every single segment of Canada’s construction industry included in the On-Site survey had more companies reporting gains than declines in 2022.
Looking ahead, a report from the Royal Institution of Chartered Surveyors (RICS) listed infrastructure as driving the wider construction sector in Canada, and survey respondents were overwhelmingly optimistic about prospects for 2023, especially in non-residential sectors, so it will be interesting to see if the momentum can be maintained as the year progresses, and what our 2024 report will look like.
In the meantime, the team at On-Site would like to thank all of the companies that took the time to participate in our annual survey. Your valuable contributions make this research possible and allow us to share trends and insights with our industry.
