We see it all around us—new buildings going up here, existing buildings being reconstructed there, new transportation systems being developed —it’s enough to frustrate the average person travelling from one part of the city to another with all the construction zones being erected. But according to a recent report from the Conference Board of Canada, construction is basically a response to a growing city and a growing economy.
According to the report, Toronto’s economy is expected to expand by 2.6 per cent in 2015 and 2.8 per cent in 2016 as a result of robust residential and non-residential activity, a healthy services sector, changes in manufacturing activity and the weaker Canadian Dollar, all of which are key contributing factors to the improving economy and increased construction happening all over Toronto and its surrounding areas.
Non-residential projects, such as the continuing construction on a number of downtown core office buildings like the Bay Adelaide Centre East, One York, and Ernst and Young Tower, plus the major expansion and upgrade of the city’s transit system extending through the GTA and surrounding areas contributes to the boost of construction activity in the Toronto region by 2.8% this year.
Toronto is not alone. Of the 13 major cities in Canada, Vancouver, Toronto, Winnipeg, Halifax, and Montreal are the top five on track to achieve a post economic growth of over 2%. All of these cities have a variety of residential, non- residential and transportation improvement construction projects either starting up or underway.
So the next time you get frustrated with traffic congestion due to a construction zone, don’t get mad about it. Instead, be proud that you live and work in a city with a thriving economy.
DJ McGauley and Associates Inc. is your Office Move, Reconstruction and Reconfiguration Project Management Company of choice for the Toronto, GTA and surrounding areas. If an office move or reconstruction of your 2,000 – 25,000 sq.ft. office space is a remote possibility, consider contacting us to arrange a no-obligation site meeting. We guarantee that by the end of that meeting you will know all that would be required to make your office move/reconstruction project a successful reality.
Property Biz Canada, Conference Board of Canada: Metropoliatan Outlook, http://renx.ca/conference-board-canada-metropolitan-outlook/
Canadian Newswire, Toronto Among Top Economic Performers in 2015, OTTAWA, Sept. 23, 2015, http://www.newswire.ca/news-releases/toronto-among-top-economic-performers-in-2015-528798831.html