VICTORIA – Construction activity and employment on Vancouver Island is on the upswing, according to information released in the Third Quarter (Q3) Construction Report released by the Vancouver Island Construction Association (VICA). “While the weather is frosty, members are reporting the market is not. The VICA Q3 Construction Report backs that up,” explained Greg Baynton, VICA President.
Construction employment on Vancouver Island is reported to be well ahead of last year’s figures. The Q3 VICA Construction Report noted construction employment continued its upward surge in the Capital Region and it drove the year-to-date gain to 8 percent for the region. Three of the seven island regional districts saw gains in building permits. They were the Capital, Mount Waddington and Comox Valley Regional Districts.
“Year-to-date permits were 7 percent higher than 2014, due entirely to a 23 percent increase in residential permits. The Island’s construction outlook remains optimistic thanks to an improving US economy, low interest rates, and net in migration. Residential activity will continue to outperform the non-residential sector due to a market wide surge that is projected to continue in 2016,” Baynton reported.
According to stats compiled in a VICA member survey a full 86 percent of the members stated their workforce will remain the same size or grow. The membership also stated that finding the right people is one of the top three barriers to success. The number one barrier reported was the nature of competition and the market.
