Thursday that outlines the importance of the construction sector to the economic vitality of Ontario and the Greater Toronto Area . This industry — which supports over half a million workers, accounts for billions of dollars in investments, and generates significant tax revenue — is threatened by the GTA’s housing crisis which is slowing construction, driving prices up, and pushing families out of the area.
“There is a fundamental imbalance in the market between supply and demand and what that is doing is driving up prices for buyers,” said Wilkes.The worry, said Wilkes, is that the crisis will begin to affect the strong economic growth of the profitable construction sector. “The construction industry does drive the economy and it does create really decent-paying jobs,” said Diana Petramala, director of Research, Valuation, and Advisory and Economic Consulting at Altus Group. “As we lose some construction activity in the GTA, the risk is the loss of jobs that can support middle-income households.”Article content
In 2021, construction spending accounted for almost eight per cent of GDP in both Ontario and the GTA. Construction investments in the GTA also make up for approximately 1.4 per cent of all GDP Canada‐wide.