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RLB Construction releases North America cost report for Q2

July 9, 2024  By Rider Levett Bucknall Construction's (RLB)


Photo courtesy of RLB.

Rider Levett Bucknall Construction’s (RLB) quarterly cost report has been released for North America’s Q2 2024, specifically Toronto, Ont., and Calgary, Alta.

Alberta

In Q1 2024, there were 12,767 more workers in the industry in Alberta, compared to Q1 2023. This growth is primarily attributed to a rise in housing starts and increased investment in building construction. The Alberta government plans to invest $25 billion over three years through Budget 2024 to build necessary infrastructure: roads, schools, and hospitals for communities.

The Canada Mortgage and Housing Corporation (CMHC) data shows that Alberta housing starts hit a new record with 13,560 new homes under construction from January to April 2024, a 60 per cent increase compared to April 2023. The industrial work in Alberta, particularly in the energy sector, makes construction challenging. There is stiff competition for skilled workers due to higher pay in industrial projects. Enrolment in post-secondary apprenticeship programs has increased because of higher funding from the provincial government.

Photo courtesy of RLB.

Ontario

In Ontario, the most prominent projects in the coming years are those related to power generation, transportation, and healthcare facilities. Canada’s three levels of government have agreed to finalize $4.7 billion in Ottawa funding to boost housing construction. The federal and provincial governments agreed that the province would receive $357 million in federal funds for affordable housing construction. As the province tries to meet its target of building 1.5 million homes by 2031, the Ontario government expressed confidence that the Bank of Canada’s recent interest rate cut will help spur housing development.


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