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Year in Review: Construction economy showed resilience amidst sectoral setbacks

Canada’s construction economy showed considerable resilience in 2023 as sectors such as green energy, institutional, public infrastructure and transit were steady employers even if housing showed weakness.

Persistent high interest rates plagued the housing sector through much of 2023, as reported by ConstructConnect’s Daily Commercial News.

ConstructConnect chief economist Alex Carrick wrote in November that total Canadian construction starts had risen 18.7 per cent year to date in Q3 2023, but new residential construction retreated at a double-digit pace. He said Canadian construction starts are expected to rise by eight per cent this year, slowing to 4.6 per cent growth in 2024.

As chronicled by the Daily Commercial News and the Journal of Commerce, earlier in the year, Statistics Canada reported housing investment fell 2.1 per cent in Q2 to post its fifth consecutive…

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