Canada’s Historic Drop In Construction Spending
The national statistics office noted that investment in building construction plunged 45.9 per cent this April compared to the the largest national decline on record for the current series, which dates back to 2010, was a 3.9 per cent decrease in August 2017. Both the residential (-49.2 per cent) a
Published -
Jul 7, 2020 4:56 AM
The national statistics office noted that investment in building construction plunged 45.9 per cent this April compared to the the largest national decline on record for the current series, which dates back to 2010, was a 3.9 per cent decrease in August 2017. Both the residential (-49.2 per cent) and non-residential (-38.8 per cent) sectors experienced record-breaking declines. Investment decreased in all provinces and territories, with Ontario (-$3.2 billion) and Quebec (-$2.5 billion) reporting the largest declines. Before COVID-19 office demand was high due to the growing tech industry in major cities. Now a lot of those workers have been sent home and they have been getting by just fine. This does not augur well for the office construction industry. Retail spaces are also seeing shifts with everyone buying over the internet. On the other hand, warehouse spaces have flourished, but more so in the U.S. This is especially true for data centres which, can technically be built almost anywhere.
Tags : INTERNATIONAL