New report says construction industry set to shrink
With Alberta still in economic recovery, a new report out says the construction industry might not have a light at the end of the tunnel just yet.
BuildForce Canada has released a report saying the residential and non-residential construction industry is due to shrink, with any growth not expected for about five years.
Retirements, slow recovery of the oilfield and no new investment in projects are some of the factors listed in the report which is available on their website.
Rick Mccarthy runs HR2 Construction in Bonnyville, and hes says he’s seen ups and downs these past years. “Last year was probably our worst year, and with restructuring we’re actually growing and hiring this year.”
Still, Mccarthy admits there might be one factor he’s seen in his business. “We’re still seeing a lack of qualified trades, on my side of the industry anyways.”
The report also mentions that by 2027, growth and demand could cause a shortage of workers in the industry.