Budget jitters see construction forecasts plummet
AI Article Summary
The Construction Products Association has revised its forecasts, predicting a lower growth in total construction output due to uncertainty surrounding the upcoming Budget. Private housing, infrastructure, and commercial construction have been particularly affected, with predictions for growth reduced from previous estimates. Challenges include demand, affordability, and viability, while road infrastructure spending is expected to decline. Public sector projects are anticipated to drive construction growth despite the budgetary uncertainties.
What This Means for Canadian Contractors
For Canadian builders, this means keeping an eye on governmental policies as they can substantially impact project timelines and financing availability. The slowdown in private housing and infrastructure might prompt builders to shift focus to public sector projects or diversify into more stable markets. Monitoring the effects of budget policies on construction costs and supply chain disruptions will be crucial for maintaining project viability.
