Construction Sector's Productivity Drop Fuels Housing Affordability Crisis
Montreal News Today | 2 Min News | The Daily News Now! · The Daily News Now!
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Show Notes
A new Statistics Canada study reveals that Canadas housing affordability crisis is linked to plummeting productivity in the construction sector. Labor productivity in residential building plunged by 37% from 2001 to 2023, as job growth outpaced output. Smaller firms, which make up nearly all of the decline, are pulling down efficiency nationwide. The report shows that the construction industry has lagged behind other sectors for two decades, contributing to higher home prices and affordability challenges, particularly in urban areas. Experts suggest that improving efficiency through technology, materials, and skilled labor is crucial to addressing this long-term issue. Ontario led the nationwide decline, while British Columbia bucked the trend. The study calls for innovations like prefab methods to significantly boost housing starts by 2035 and alleviate the crisis.
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