There is some good news for anyone planning on investing in real estate, in the construction business, or looking for work in Northern BC. A new survey recently released by the Independent Contractors and Business Association of B.C. (ICBA) that says construction will be on the rise in 2015.
In the survey it details that 47% of construction companies are predicting their business volume to increase in 2015 while 50% believe the volume of work will stay the same.
The biggest surge of work for construction companies in BC is in the North where 58% of companies believe business will rise in 2015. Overall the expected change from 2014 is roughly 9% higher.
The good news about the construction companies being busy is that it usually a strong indicator that the economy is doing well.
With new projects up North such as Site C, the amount of construction in the area is sure to go up in 2015. Not only will the dam be built but so will housing for all the employees in the area.
President of the ICBA, Philip Hochstein mentioned that “[i]n construction, excavators are the canary in the coal mine. We are seeing that they are even more confident than last year. This bodes well for the entire industry. When there are holes in the ground, it means we’re building, growing and attracting investment to our province.”
The ICBA got Sentis Market Research Ltd. to conduct the survey of its members in November 2014.
The survey conducted by ICBA also noted that the demand for tradespeople was on the rise and therefore more construction companies were hiring people in these fields. The survey noted:
- 42% of companies planned to hire new employees as opposed to;
- 10% of companies who planned on increasing employee hours
This trend of hiring new staff over increasing hours of existing employees is a continuing trend from 2014 when 35% of companies planned to hire new employees while 8% planned to increase hours.