b'ECONOMICSCONSTRUCTIONECONOMIC UPDATEWILL DISRUPTIONS AFFECT CONSTRUCTION GROWTH IN 2023 AND BEYOND? By Warren HeeleyTHE [CANADIAN CONSTRUCTION] industry is expectedAs supply chain problems and material costs lessen, to register an annual average growth of 2.2 per centcontinues Mollenhauer, the construction industry is still faced from 2023 to 2026, supported by public project growth. Itwith old and new disruptions, including inflation, rising interest includes an investment of $10 billion on clean energy projects,rates, ongoing labour shortages, enormous national debt and a broadband projects, building retrofitting, agriculture irrigationlooming recession. All these disruptions make it complicated to projects and electric buses and charging infrastructure.forecast where the market will head.This forecast was released by Ireland-based Research andSo how will the construction sector fair in 2023 and beyond? Markets (R&M) in the early part of August 2022. The reportLets look at the numbers and what the experts are saying.went on to say, However, the rise in construction material2021 & 2022prices, labour shortages and the recent hike in interest ratesFollowing a two per cent growth decline in 2020, the Canadian could pose a downside risk to the industrys outlook in theconstruction industry rebounded in 2021 with growth of 6.1 initial part of the forecast period.per cent. The residential building construction index rose 18.1 These disruptions in the Canadian construction market areper cent and the non-residential index increased 6.9 per cent. Other growth factors included significant vaccination progress, currently creating some concerns about future industrylow interest rates and a general economic recovery worldwide.growth. Looking ahead to the post-pandemic period, it is hard to predict what is going to happen to the constructionThe 2022 forecasted growth is four per cent; primarily market because of the many disruptions to the economy andbased on the 2021 results. Building permit values last year the industry before, during and after COVID, states Johnincreased 8.3 per cent with residential growing 9.1 per cent Mollenhauer president and CEO of TCA.and non-residential growing 6.8 per cent. According to R&M, 22Quarter 32022 BUILDERSDIGEST'