The job vacancy rate in construction is at a record high with around 80,000 vacancies in the industry, said CIBC deputy chief economist Benjamin Tal in a recent note.
There are several factors that CMHC credits for this gap, and labour shortages are one, alongside higher interest rates, rising building costs and zoning problems. The labour shortage is significantly affecting productivity in the industry, as well as creating safety concerns, said Tal. Efforts to recruit more women and under-represented groups into the trades have made headway, but Bond said there’s been too much focus on recruitment and not enough on retention. Companies need a push to develop more inclusive practices, she said, to ensure that recruits from different backgrounds actually stay in the field.