Commercial Construction Churning Economic Growth
Provinces’ commercial market poised for another solid year
TORONTO A trend that is seeing more businesses eyeing downtown addresses is fueling arobust commercial construction market, which will be explored during the 14th annual State of the Industry & Outlook Conference, to be hosted by the Ontario Construction Secretariat (OCS) at the Hilton Toronto Hotel in early March.
Largely based on an office boom in downtown Toronto and major U.S. retail chains expanding into Canada, the commercial constructionsector has been steadily strong for the past few years, says Sean Strickland, Chief Executive Officer of the OCS.
“There has been a recent trend of strength in Ontario’s commercial sector,” says Strickland. “While it is largely centred in Toronto, it is creating opportunities across central, southern, eastern and even northern Ontario.
“Expanding public transit across the Greater Toronto Area and other regional centres will fuel even more commercial growth. If they buildmore subways and Light Rail Transit as well as continue to expand GO Transit lines, it will generate activity, new business opportunities and spark evenmore commercial construction. This reinforces that spending on transit is an investment which not only addresses public infrastructure needs but also provides a boost to the commercial sector.”
The state of the industry conference, which is free but requires pre-registration, invites contractors, trade associations, consultants, trade unions and owners in the industrial, institutional and commercial sectors of the Ontario economy to get a closer look at the current state of Ontario’s construction industry and where it is headed in the future.
“With the ‘Great Recession’ firmly in the rear view, signs of a firmer global economy are beginning to emerge,” says Mr. Strickland. “However, the recovery still remains fraught with a number of internal and external risks. We invite our construction industry stakeholders to join us to hear about the opportunities and challenges we may face in 2014.”
Derek Burleton, the widely respected Deputy Chief Economist with TD Bank Financial Group, will deliver his insights on important global, national and provincial economic trends. In addition to being a regular commentator in the media, Mr. Burleton is also the author of numerous reports on the Canadian economy that have garnered much attention across the country.
Carl Gomez, Chief Economist at Bentall-Kennedy, will share his views on the current commercial market as well as provide a glimpse into the future. We will also hear from Metrolinx as they discuss the implementation of the “Big Move Strategy” and its implications on future commercial development in the Greater Toronto Area.
Katherine Jacobs, OCS Director of Research & Operations, will provide insight on regionalconstruction opportunities, the OCS Construction Barometer and insights from the field as she presents findings from the OCS / IPSOS-Reid annual Survey of Contractors.