In 2022, growth in the Construction (NAICS 23) sector in Canada increased by 1.1% over the previous year while the Canadian Economy level (NAICS 11-91) increased 3.6%.. Gross domestic product by industry (GDP) measures the value of output of an industry less the value of intermediate inputs required in the production process. In this sense.. However, the industry is expected to see growth between 2025 and 2027, with an annual average rate of 2.7%, supported by advancements in the industrial, energy, and transportation sectors.
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Advertisement. Key findings in the report include an expectation for the construction industry to shrink by 5.2 per cent in 2023. This is due to a significant decline in the residential sector, but the news gets better soon. Overall, the construction sector is expected to rebound with 2.7 per cent growth anticipated between 2025 and 2027.. Editor's note: For more information on the Canada Construction Industry Analysis 2023-2027, including details on market dynamics, key growth drivers, segmentation, and the mega-project pipeline.
