Labour and material costs on the rise in B.C.
AI Article Summary
The British Columbia Construction Association's latest report highlights a 4% increase in construction material costs within the province, surpassing the national inflation target. Despite higher costs, industrial, commercial, and institutional permit values, as well as multi-unit residential permits, have risen significantly. The sector contributes 9.2% of B.C.'s GDP and employs over 267,000 people. The BCCA supports new Prompt Payment legislation to help mitigate the financial pressures on the industry.
What This Means for Canadian Contractors
For Canadian builders, this means a continued rise in construction costs, potentially affecting project budgeting and timelines. The increase in permits suggests steady demand, but higher material costs could pressurize profits. The new Prompt Payment legislation could provide some financial relief by ensuring timely payments.
