BC Construction Industry Stat Highlights in Around Town
Your Weekly Construction Briefing
The BC Construction Association has released their Fall 2023 Industry Stat Pack. While the demand for construction remains high, the estimated value of proposed major projects has dipped to $174B in comparison to $220B last year, signalling possible future decreases.
The industry is facing on going challenges, including decreased commercial demand, rising costs of material and labour, waning procurement standards on public sector projects, lack of prompt-payment legislation, and a declining workforce.
Labour costs and the non-residential building price index sit, respectively, at 18.4% and 28.6% above pre-pandemic levels. Despite 8% growth in the number of ICI construction companies in B.C. over the last 5 years (26,262), the number of tradespeople in the industry dropped 8% over three years, and 9% since 2019. The average company size has contracted by 10% over the previous three years to an average of 6.24 workers.
Industry legislative priorities continue to be prompt payment legislation and lien reform including holdbacks and adjudication. Both would significantly decrease financial risk and reduce cost of debt over the life of a project.
Statistic Highlights include:
- $156.8 Billion in current construction projects, up 16%
- 218,000 people employed, down 8%
- 163,900 employed tradespeople, down 4%
- Average yearly wage $72,252, up 8%
- 22,700 job openings expected by 2032
The complete Stat Pack, economic report from Sage Policy Group, and more information regarding the value of the construction industry to B.C.’s economy can be found at www.bccassn.com/stats.
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