9.9 per cent of British Columbia’s GDP is supported by the construction sector.
That’s according to the B.C. Construction Monitor, published by the Independent Contractors and Business Association (ICBA).
“The 9.9 per cent GDP contribution underscores just how vital construction is to BC’s economy.” President and CEO, Chris Gardner said.
“But it also means that if construction stalls, so does the rest of the province – and right now, we’re facing major headwinds.”
The report warns of falling business investment, a trade war threatening to delay or cancel major projects, and provincial policies that discourage capital and innovation.
It’s also a reminder of constructions role in driving investment, jobs, opportunity, and growth.
Gardner said that the government needs to adopt four measures including:
- Accelerating negotiations for new trade framework
- Only impose counter tariffs strategically to not compound the impact of rising costs
- Speed up approval and permitting of all projects (homes, hospitals, roads, etc)
- End all inter-provincial trade barriers
27,780 construction companies operate in BC, with the sector employing over 254,000 British Columbians, up 6.3% from last year.
The full report can be found here.
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