According to an updated report written after extensive research by IBISWorld, the concrete industry is showing promise for the next half decade within Canada. Concrete ranges in uses from basic infrastructures and highways to the small aesthetic works requested from homeowners. Concrete production and consumption in Canada is predicted to grow over 2% throughout the next five eyars, and with no major companies monopolizing the industry, this holds strong promise for existing companies and potential new entrants. When the housing industry experienced a small but distinct upward trend from 2010 to 2012, the concrete industry took full advantage to capitalize on this opportunity. Based on the last five years, this new report releases data to assure the positive growth and increasing prospects for the nation’s industry for the next five years.
Another report published by the Concrete Association of Canada in 2013, provided a ten year outlook for the industry within the Canada and the country’s number one trade ally, The United States. The report shows Canada’s economy in terms of the construction industry, was very similar to that of their southern neighbours with small differentials such as a faster growing population and the dependence on natural resources. Although residential and government infrastructure is hardly increasing, money spent on commercial infrastructure increased by $30 Billion between 2010 and 2013. Currently, the consumption of cement in Canada is about nine million metric tons, but is estimated to measure 11 million metric tons by the year 2024.
All this information appears to be great news for companies such as Giatec Scientific! As an innovative, technologically innovative firm, our devices are important to ensure sustainability that new infrastructure is built responsibility and made to last. With the idea of “going green” becoming so important, especially in the mindset of Canadian consumers, our company’s tools can help ensure these values are maintained within the industry as it continues to grow. We are excited at the prospects of what’s to come in the next decade within this ever-changing industry!
Sources: Economic Growth, Construction & Cement Deamnd, Colin Sutherland and David Chereb