You may never have considered it, but the building supply industry is a very big driver of our Canadian economy. The industry is comprised of a vast array of companies and organizations that make a wide variety of products for both commercial and residential construction, and it shows no signs of slowing down! Here are some reasons why building supply is a robust growth industry in Canada.
Rising Domestic Construction – Since 2010, Canada’s annual GDP growth has averaged 2.5 percent for all industries, and 3.7 percent for the construction industry. Total employment in Canada grew by 0.7 percent in 2016, whereas construction employment grew by 1.1 percent.
As you can see, construction is booming in Canada, and this uptick means that there will continue to be an even greater demand for materials and supplies.
The Appeal of Condo Life – You don’t only have to go to Vancouver to see housing prices soaring. All across Canada people are looking for alternatives to homeownership, and new design is making condo life more and more desirable. Whether they’re looking to downsize after retirement, or immerse themselves in the appeal of an urban lifestyle, Canada has become a hub of condo development.
Green Building – With concerns about climate change and environmental responsibility in the forefront of the public imagination, the green building market, with its emphasis on sustainable design and eco-friendliness, is robust and on the rise. This new industry requires updated ways of thinking, presenting lots of opportunities for building supply to catch up.
Home Automation – Home automation is the next frontier of residential construction. Involving the control and automation of lighting, heating, ventilation, air conditioning, security, and home appliances, what ten years ago might have seemed like something from the Jetsons is closer and closer to becoming a reality for the average homeowner. According to Reuters, the home automation market was worth $7.12 billion in 2013, and is predicted to reach a market value of $15.8 billion by 2020. As this happens, the need for replacement and renovation will generate further innovation in building supplies.
Our industry is an endlessly interesting one, because it evolves lockstep with the times. As you can see, there are many indicators pointing towards a long lasting future for everyone involved in the building and construction materials industry.
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