b'ECONOMIC FORECASTTRACKING THE CANADIAN ECONOMYFORECASTING WHERE CONSTRUCTION IS HEADED DURING THE PANDEMIC AND BEYONDBy Matthew BradfordTHE GLOBAL PANDEMIC HASNevertheless, the economy rebounded inenvironment for the foreseeable future, LEFT NO INDUSTRY UNSCATHED.May by 4.8 per cent and has been on thesays Mark Casaletto, president of While the long-term impacts of theuptick since then. The Conference BoardConstructConnect.pandemic are still taking shape, its clearof Canada predicts the countrys GDP the events of 2020 have altered Canadaswill expand by 6.7 per cent in 2021 butCasaletto adds that while progress iseconomy and its construction sector. more time will be needed to return to pre- being made, indications of a second pandemic output. wave and vast market uncertainties First, the positive news. While nationwidehave tempered expectations. Weve shutdowns have taken their toll on everyEmployment rates also offer somerecovered about half of the key economic industry, Stephen Tapp, deputy chiefindication of Canadas recovery. Thefundamentals we lost in the first wave at economist with Export DevelopmentConference Board of Canada reportsthe beginning of March, such as jobs and Canada, believes there is room forthat Canada has recovered 1.9 millionGDP.But we should expect a contracted optimism: Weve been pleasantlyof the three million jobs lost during theeconomy and economic volatility well into surprised by the initial strength of thepandemic. However, the Board also notes2021, he says.rebound in Canadas economy asthat the remaining 1.1 million lost jobs may lockdown measures eased. That said,not return. Many of those jobs may neverGranted, Canadas recovery is hampered we expect the pace of growth in Canadacome back, and the recovery should nowby the simple fact that provincial and to slow noticeably, especially after thelook to creating jobs in other segments offederal governments have spent well low-hanging fruit was largely pickedthe economy with a brighter future, thebeyond their yearly budgets to help by restarting closed businesses, and,organization states.Canadians and domestic businesses eventually, policy support will come off. through these difficult months. Moreover, We may have bounced back from the earlyCasaletto adds, there is no guarantee that The numbers support Canadas steadydays of COVID-19, but Canada is far fromprivate sector players will be in any position (albeit slow) recovery. According tobeing out of the woods.to invest at pre-COVID-19 levels. Growth Statistics Canada, the countrys economywill be slow and subdued as a result of the contracted at an annualized rate of 38.7As far as the economy is concerned, Iprivate sector not engaging as quickly as per cent during the second quarter ofwould expect uncertainty and volatilitythe pre-COVID period and governments 2020, the worst three-month stretchin Canada. This is also true for Ontario,inability to really stimulate the economy to since economic data has been collected.where were going to see a recessionaryhelp it get back on track faster, he notes.20Quarter 3 2020 BUILDERSDIGEST'