New report shows the pressures faced by B.C. contractors in face of inflation and shortages
Findings from a new construction report paint a stark picture for B.C. contractors as investment in the province’s industrial, commercial and institutional sectors is down 10.9 per cent since February 2020, according to the BC Construction Association . The BCCA Fall 2022 Industry Stat Pack, combined with findings from a new economic and policy report published Oct. 25 show the constraints on the construction industry as a result of material and labour costs.
The province's construction industry accounts for $25.4 billion, or 9.7 per cent, of the province’s GDP, and the industry’s dollar value grew by 10 per cent as a result of rising prices, despite the lack of demand, the report says. Compared with five years ago, construction has seen an 80 per cent increase in project value. “The value is also considering the increased cost of labour, the increased cost of materials and the increased borrowing costs,” he said.
Contractors are having a difficult time balancing the rising cost of labour and materials with the declining commercial demand, the report says. These uncertain times are also highlighting the need for payment legislation from the provincial government in order to ensure prompt payment. Contractors can wait up to 90 to 120 days to get paid, increasing their financial risk and the danger of bankruptcy.
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