Buildforce Sees Longterm Recovery for Alberta
BuildForce Canada’s 2018-2027 Construction and Maintenance Looking Forward forecast shows that the the economy in Alberta’s construction industry will start a slow rebound after another down year in 2018. Over the 2018–2027 scenario period, non-residential-sector growth should resume at a modest level in 2019 followed by slightly higher growth-rate levels beginning in 2024 as anticipated renewed oil and gas investment returns.
Construction labour markets continue to adjust to a new normal following consecutive years of record out-migration, but Alberta’s growing youth population adds to housing demand.
Alberta is not expected to return to past peak levels, but preparation for the future remains a priority while transitioning to a smaller construction workforce and the need to replace 40,000 skilled workers over the decade.
BuildForce Canada is a national industry-led organization that represents all sectors of Canada’s construction industry. Its mandate is to provide accurate and timely labour market data and analysis, as well as programs and initiatives to help manage workforce requirements and build the capacity and the capability of Canada’s construction and maintenance workforce. Visit: www.constructionforecasts.ca
You can read the forecast here.