Quebec construction activity expected to remain high

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The Commission de la construction du Québec (CCQ) is expecting a small dip in construction activities in that province in 2023, although the hours to be worked forecast is still expected to breach the 200-million mark. According to figures in its recently released report, by the time New Year’s hits activity in Quebec’s construction industry will have reached a historic peak in 2022, with 210 million hours worked. That, says the organization, is a seven per cent increase over 2021.

Although the report states that a slowdown is expected in 2023, activity will remain high, with CCQ forecasting 202 million hours to be worked next year. The organization attributes this four per cent drop to economic conditions and the completion of major construction projects in the province.

Looking more closely within the report, CCQ indicates that the residential sector continues to benefit from housing starts. After last’s exceptional number of housing starts, the sector will experience a slow down. The sector is expected to be the most affected in 2023. CCQ is forecasting a drop of seven per cent compared to 2022. The organization says this may be a short-term setback, however, as there are still very high needs in terms of housing.

A similar situation is expected in the institutional and commercial sector, where the CCQ is forecasting a drop of three per cent compared to 2022. The gradual rise in interest rates, initiated in March 2022, is cited as the main reason for the dip.

More details are available in the CCQ’s Perspectives 2023, available on the organization’s website.

www.ccq.org