While construction has shown great resilience, the pace of recovery has been mixed, both provincially and across sectors. For Newfoundland and Labrador, the COVID-19 pandemic and the oil market instability reduced non-residential investment as existing and proposed projects were delayed or deferred leading to significant employment declines.
Non-residential construction is sustained over the next few years driven by education, health, and civil infrastructure projects and the expected restart of the West White Rose Project late 2022 but as investment slows and with no new major replacement project currently planned, activity is expected to wane over the medium term.
The unprecedented impact of the pandemic and anticipated slower growth does not alter the underlying aging demographic challenges facing construction and the expected retirements over the next decade: a significant loss of skilled and experienced workers. Even as concerns over COVID-19 recede, the industry must remain focused on recruitment and training to meet future needs. Interpreting market trends is particularly challenging under these conditions.
Join BuildForce as they present an overview of their 2022 – 2031 outlook scenario and anticipated market trends for Newfoundland and Labrador.