Canada Construction Market Size, Trends, and Forecasts by Sector – Commercial, Industrial, Infrastructure, Energy and Utilities, Institutional and Residential Market Analysis to 2029 (Q1 2025)
Summary
The construction industry in Canada is projected to grow by 2.6% in real terms in 2025, bolstered by a resurgence in demand, as evidenced by an increase in building permits within the country. Notably, growth is anticipated in areas such as enhanced investment in transportation and electricity infrastructure. Data from Statistics Canada reveals that the total value of building permits issued nationwide rose by 3% in 2024, rebounding from an annual decrease of 7% in 2023. However, 2024 was generally a subdued year for the sector, mirroring the broader economy by struggling to gain momentum amid a high-interest rate environment. However, monetary easing is beginning to take effect in the real economy with investment in residential building construction, measured in seasonally adjusted constant prices, increasing by 2.4% year-over-year (YoY) in January 2025. Similarly, investment in non-residential building construction experienced a 2.7% YoY rise over the same period. As the Bank of Canada continues to reduce interest rates, closer to the 2% mark, a return of demand in the Canadian construction industry is expected.
GlobalData expects the industry to register an annual average rate of 2.8% during 2026-29, supported by developments in the energy, transport, industrial, and residential sectors. Growth will also be supported by the government’s plan to reduce Greenhouse gases (GHG) emissions by 45-50% by 2035, as compared to 2005 levels. Additionally, the country then aims to achieve net-zero emissions by 2050 and will look to invest in renewables over the forecast period. In December 2024, the government of British Columbia approved nine new wind energy projects, which aim to increase the province’s electricity production by 8% annually. The projects will generate 5,000 gigawatt-hours of electricity annually, equivalent to the consumption of 500,000 homes. These projects are estimated to generate $5 to $6 billion in private investment and are expected to be completed by 2031. Additionally, the industry’s growth will also be supported by the Investing in Canada Plan, which was launched in 2016. According to the plan, the government intends to invest a total of CAD180 billion ($131.9 billion) in energy systems infrastructure, internet networks, trading ports, and public transportation by 2028. However, following the resignation of Justin Trudeau in January 2025 and the upcoming General Election, which must take must before October 20th, 2025, any Canadian Government program could face substantial revisions. This will be dependent on whether Mark Carney or Pierre Poilievre assume the top job, come the end of the year. Regardless of whether the Liberal party or the Conservatives will the election, the industry’s growth over the forecast period is expected to be supported by investments in public housing projects, in line with the current government target to build 5.8 million houses by 2030.
GlobalData’s Construction in Canada – Key Trends and Opportunities to 2029 (Q1 2025) report provides detailed market analysis, information and insights into the Canadian construction industry, including -
- The Canadian construction industry's growth prospects by market, project type and construction activity
- Critical insight into the impact of industry trends and issues, as well as an analysis of key risks and opportunities in the Canadian construction industry
- Analysis of the mega-project pipeline, focusing on development stages and participants, in addition to listings of major projects in the pipeline.
This report provides a comprehensive analysis of the construction industry in Canada. It provides -
- Historical (2020–2024) and forecast (2025–2029) valuations of the construction industry in Canada, featuring details of key growth drivers.
- Segmentation by sector (commercial, industrial, infrastructure, energy and utilities, institutional and residential) and by sub-sector
- Analysis of the mega-project pipeline, including breakdowns by development stage across all sectors, and projected spending on projects in the existing pipeline.
- Listings of major projects, in addition to details of leading contractors and consultants
- Identify and evaluate market opportunities using our standardized valuation and forecasting methodologies
- Assess market growth potential at a micro-level with over 600 time-series data forecasts
- Understand the latest industry and market trends
- Formulate and validate business strategies using GlobalData's critical and actionable insight
- Assess business risks, including cost, regulatory and competitive pressures
- Evaluate competitive risk and success factors
- 1 Executive Summary
- 2 Construction Industry: At-a-Glance
- 3 Context
- 3.1 Economic Performance
- 3.2 Political Environment and Policy
- 3.3 Demographics
- 3.4 Risk Profile
- 4 Construction Outlook
- 4.1 All Construction
- Outlook
- Latest news and developments
- Construction Projects Momentum Index
- 4.2 Commercial Construction
- Outlook
- Project analytics
- Latest news and developments
- 4.3 Industrial Construction
- Outlook
- Project analytics
- Latest news and developments
- 4.4 Infrastructure Construction
- Outlook
- Project analytics
- Latest news and developments
- 4.5 Energy and Utilities Construction
- Outlook
- Project analytics
- Latest news and developments
- 4.6 Institutional Construction
- Outlook
- Project analytics
- Latest news and developments
- 4.7 Residential Construction
- Outlook
- Project analytics
- Latest news and developments
- 5 Key Industry Participants
- 5.1 Contractors
- 5.2 Consultants
- 6 Construction Market Data
- 7 Appendix
- 7.1 What is this Report About?
- 7.2 Definitions
- 7.3 CRI Methodology
- 8 About GlobalData
- 9 Contact Us
- List of Tables
- Table 1: Construction Industry Key Data
- Table 2: Singapore, Key Economic Indicators
- Table 3: Singapore, Commercial Construction Output by Project Type (Real % Change), 2020–29
- Table 4: Singapore, Top Commercial Construction Projects by Value
- Table 5: Singapore, Industrial Construction Output by Project Type (Real % Change), 2020–29
- Table 6: Singapore, Top Industrial Construction Projects by Value
- Table 7: Singapore, Infrastructure Construction Output by Project Type (Real % Change), 2020-29
- Table 8: Singapore, Top Infrastructure Construction Projects by Value
- Table 9: Singapore, Energy and Utilities Construction Output by Project Type (Real % Change), 2020-29
- Table 10: Singapore, Top Energy and Utilities Construction Projects by Value
- Table 11: Singapore, Institutional Construction Output by Project Type (Real % Change), 2020-29
- Table 12: Singapore, Top Institutional Construction Projects by Value
- Table 13: Singapore, Residential Construction Output by Project Type (Real % Change), 2020-29
- Table 14: Singapore, Top Residential Construction Projects by Value
- Table 15: Singapore, Key Contractors
- Table 16: Singapore, Key Consultants
- Table 17: Singapore, Construction Output Value (Real, $ Million)
- Table 18: Singapore, Construction Output Value (Nominal, SGD Million)
- Table 19: GlobalData Construction Market Definitions
- Table 20: Risk Dimensions
- Table 21: Ratings, Scores and Definitions
- List of Figures
- Figure 1: South and South-East Asia, Construction Output (Real % Change), 2023–29
- Figure 2: Singapore, Construction Output by Sector (Real % Change), 2023–25 and 2026–29
- Figure 3: Singapore, Risk Summary
- Figure 4: Singapore, Risk Regional Comparison
- Figure 5: Singapore, Construction Output Value (Real, $ Million, 2022 Prices and Exchange Rate), 2020–29
- Figure 6: Singapore, Construction Output Value, by Sector (Real, $ Million), 2020–29
- Figure 7: Singapore, Construction Value-add (SGD Million, 2015 Chained Prices)
- Figure 8: Singapore, Total Fixed Capital Formation in Construction (2015 Chained Prices, SGD Million)
- Figure 9: Singapore, Progress Payments Certified for Construction (SGD Million)
- Figure 10: Singapore, Construction Contracts Awarded (SGD Million)
- Figure 11: Singapore, Construction Material Market Prices, % Change YoY
- Figure 12: Singapore, Cessation of Construction Business Entities
- Figure 13: Singapore, Commercial Banks: Loans and Advances to Residents for Construction, End of Period, In SGD Million
- Figure 14: Singapore, Changes in Construction Employment, Number, (Compared to Previous Quarter)
- Figure 15: Singapore, Construction Projects Momentum Index
- Figure 16: South and South-East Asia, Construction Projects Momentum Index
- Figure 17: Singapore, Commercial Construction Output by Project Type (Real, $ Million), 2020–29
- Figure 18: Singapore, Commercial Construction Projects Pipeline, Value by Stage ($ Million)
- Figure 19: Singapore, Progress Payment Issued for Commercial Construction (SGD Million)
- Figure 20: Singapore, Contracts Issued for Commercial Construction (SGD Million)
- Figure 21: Singapore, Retail sales index, Chained Volume Terms, 2017=100
- Figure 22: Singapore, Office Price, and Rental Index, 1998=100
- Figure 23: Singapore, Supply of Retail Space in the Pipeline, GFA, In Thousand m2
- Figure 24: Singapore, Supply of Office Space in the Pipeline, GFA, In Thousand m2
- Figure 25: Singapore, Supply of Hotel Rooms in the Pipeline, GFA, In Thousand m2
- Figure 26: Singapore, International Visitor Arrivals (In Thousands)
- Figure 27: Singapore, Industrial Construction Output by Project Type (Real, $ Million), 2020–29
- Figure 28: Singapore, Industrial Construction Projects Pipeline, Value by Stage ($ Million)
- Figure 29: Singapore, Manufacturing Value-add (SGD Million, 2015 Chained Prices)
- Figure 30: Singapore, Contracts Issued for Industrial Construction (SGD Million)
- Figure 31: Singapore, Industrial Production Index, 2019=100
- Figure 32: Singapore, Purchasing Managers' Index (PMI)
- Figure 33: Singapore, Total Merchandise Exports (SGD Billion)
- Figure 34: Singapore, Progress Payment Issued for Industrial Construction (SGD Million)
- Figure 35: Singapore, Factory Space Supply, % Change YoY
- Figure 36: Singapore, Infrastructure Construction Output by Project Type (Real, $ Million), 2020-29
- Figure 37: Singapore, Infrastructure Construction Projects Pipeline, Value by Stage ($ Million)
- Figure 38: Singapore, Progress Payments Issued for Civil Engineering Works (SGD Million)
- Figure 39: Singapore, Contracts Issued for Civil Engineering (SGD Million)
- Figure 40: Singapore, Energy and Utilities Construction Output by Project Type (Real, $ Million), 2020-29
- Figure 41: Singapore, Energy and Utilities Construction Projects Pipeline, Value by Stage ($ Million)
- Figure 42: Singapore, Electricity Generated, in GWh
- Figure 43: Singapore, Institutional Construction Output by Project Type (Real, $ Million), 2020-29
- Figure 44: Singapore, Institutional Construction Projects Pipeline, Value by Stage ($ Million)
- Figure 45: Singapore, Health and Social Services Value-Add (SGD Million, 2015 Chained Prices)
- Figure 46: Singapore, Education services Value-Add (SGD Million, 2015 Chained Prices)
- Figure 47: Singapore, Progress Payments for Institutional Construction (SGD Million)
- Figure 48: Singapore, Contracts Issued for Institutional Construction (SGD Million)
- Figure 49: Singapore, Residential Construction Output by Project Type (Real, $ Million), 2020-29
- Figure 50: Singapore, Residential Construction Projects Pipeline, Value by Stage ($ Million)
- Figure 51: Singapore, Real estate Value-Add (in SGD Million, 2015 Chained Prices)
- Figure 52: Singapore, Progress Payments Issued for Residential Construction (SGD Million)
- Figure 53: Singapore, Contracts Issued for Residential Construction (SGD Million)
- Figure 54: Singapore, Private Residential Property Price Index (2009=100)
- Figure 55: Singapore, GFCF in residential buildings (2015 chained prices, SGD Million)
- Figure 56: Singapore, Supply of Private Residential Properties in the Pipeline by Development Status (End of Period), Quarterly
- Figure 57: Singapore, Headquarters of Key Contractors (% of Total Project Pipeline)
- Figure 58: Singapore, Headquarters of Key Consultants (% of Total Project Pipeline)
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