Commercial Building Construction in Canada - Market Research Report (2014-2029)

Commercial building construction contractors have endured declines. Interest rate hikes plunged business sentiment, decreasing expansion projects and new commercial construction. Also, the transition to remote and hybrid work environments has hampered demand for office building construction, with office rental vacancies reaching a 30-year high in second quarter of 2024. Industry revenue has been declining at a CAGR of 0.7% over the past five years to total an estimated $39.8 billion in 2024, including an estimated gain of 0.1% in 2024 as interest rate cuts begin to encourage new construction. Contractors have also endured falling profit levels because of slow growth and labour shortages hiked wage costs.