The latest labour market forecast by BuildForce Canada is raising some concerns for the construction industry in Newfoundland and Labrador.
It says the industry in the province is anticipated to lose as many as 6,800 workers over the next four years – a result of major projects coming to an end along with workers leaving the province and others retiring.
“The biggest risk is that the industry won’t have the workers it needs when projects ramp back up,” BuildForce Canada executive director Bill Ferreira said in a news release.
“The challenge now is attracting, training, and retaining enough workers in a slower-growth environment so as to not erode the industry’s capacity to meet future construction demands.”
The report shows construction employment is in an obvious down-cycle that is expected to continue for some time.
Construction demands are expected to stabilize across most markets starting in 2025, however, the forecast predicts.
More than 6,000 workers are expected to retire from the province’s construction industry in the next decade.
“The province is losing almost a quarter of its workforce to retirements,” Ferreira said.
“A declining population and shrinking pool of young workers means the industry has to work hard at countering the impact of retirements to sustain its workforce.”
BuildForce Canada is a national industry-led organization representing all sectors of the country’s construction industry