b'CONSTRUCTION PRIORITIES: THE SKILLED LABOUR SHORTAGETHELABOUR SHORTAGE VERSUS THE SITUATION INTHE GTAUNIQUE SITUATION WHERE SKILLED WORKERS ARE UNDERUTILIZED By Warren HeeleyTHERE IS NO QUESTION thattower cranes seen on the landscapeunique labour situation where trades we have a skilled labour crisisof the region. However, the last feware actually being underutilized and in Canada, said John Mollenhauer,years have seen a softening of thea significant number are looking for president and CEO of the Torontoconstruction market, particularly thework. The forecast at this point is for a Construction Association (TCA).RHR sector. recovery in the RHR market as far away BuildForce data forecasts that thisas 2026, with 2025 being slow like shortage is only going to worsen inTHE SLOWDOWN 2024. The construction division two the future. However, he went on toInterest rates were raised to fight risingfront-end trades such as excavators are say that is not the case in the GTA atinflation after the pandemic and inflationreally feeling the downturn and seriously present because of the downturn inhas come down significantly, saysneed work,the residential high-rise (RHR) marketMollenhauer. But the Bank of Canadasaid Mollenhauer.caused by high interest rates and has only reduced interest rates by 100 market uncertainty. basis points. Buyers and developersA large number of RHR projects have need another drop of 100 or 150 basisbeen paused or delayed indefinitely, so The RHR market in the GTA is the largestpoints before they have confidence inthis GTA island in Ontario is not feeling market of its kind in the country, and itpurchasing and going ahead the labour shortage the same way the is almost 59 per cent of the constructionwith projects. rest of the country is feeling it. And as market in the GTA. The GTA constructiona May 2024 CBC News article noted, market has historically been the largestBecause of the large percentage ofthe slowdown in construction is putting in North America with more than 250RHR construction in the GTA, there is aPremier Doug Fords government further 24Quarter 42024 BUILDERSDIGEST'