Construction labour crunch driving up housing and insurance costs: Report
AI Article Summary
A new report by the Conference Board of Canada indicates that labour shortages in the residential construction sector in Canada are contributing to increased housing costs and rising home insurance premiums. The study, titled "Building Under Pressure – Skilled Trades Shortages and Rising Construction Costs," highlights how these shortages are impacting the overall construction industry and economy. Factors contributing to these issues include an insufficient number of skilled tradespeople to meet demand.
What This Means for Canadian Contractors
For Canadian builders, this means a critical need to address labor shortages, which could involve increased investment in training programs or exploring prefabricated construction methods to offset labor demands. Costs might continue to rise if supply chains become strained, emphasizing the importance of strategic planning and resource management. These challenges may also influence timelines and funding availability for residential projects.
