As the first half of 2021 has concluded, we are seeing increased confidence and demand in the construction market. However, materials prices remain above their pre COVID levels and availability of materials continue to be a challenge. In addition, the pace of vaccinations has decreased while concerns of the Delta strain of the virus has the attention of the nation.
The second quarter of 2021 has been positive for confidence in the construction industry. The upward trend has continued and grown stronger at a 17-point increase. This level on confidence is the highest we’ve seen since the third quarter of 2018.
Although there is a one month reduction in employment, construction employment has increased over the last 12 months.
Inflation in construction is higher than the national average due to reduced or stalled production during COVID. This challenge was further compounded by demand for material increased especially in the residential market.
Unemployment has continued its downward trajectory. Unfortunately, the employment recovery appears to be leveling off. Many jobs in the service industry have not and may not recover fully in the near future.
Nathan Bernier 