Building Industry Creates Jobs and Drives Economy
The building, development and professional renovation industry is one of the largest employers in the GTA, creating thousands of jobs every year.
Just last year alone, our industry employed 196,603 people in new home construction, renovation and repair, according to estimates prepared for the Canadian Home Builders’ Association based on Statistics Canada and CMHC data. That’s an increase of more than 40,000 jobs since 2014.
The number of jobs in the new homes industry is directly influenced by new housing starts, the number of new homes breaking ground. In 2015 there were 44,092 new housing starts across the GTA, up 47 per cent from the previous year.
More new homes under construction mean more jobs for GTA residents. Building new communities is a multi-faceted process involving the hard work of hundreds of industry professionals. In fact, every construction crane represents up to 500 jobs.
The development process begins long before the shovels break ground, which means there are many different professions involved. Urban planners, lawyers and architects plan and design the development. Marketers, designers and salespeople help bring the project to market. Framers, plumbers and electricians carry out the on-site construction.
Last year in the GTA alone, $11.4 billion in paid wages were earned by industry professionals, which was used to purchase groceries, clothes and cars. This supports growth in other industries and contributes to the economic prosperity of our region.
Statistics Canada estimates that the industry contributed more than $30 billion to the GTA economy, resulting in billions of dollars in tax revenue collected by all levels of government. These resources will be put toward repairing existing infrastructure like roads, sewers, schools and hospitals, all things which improve GTA residents’ quality of life.
The industry’s economic impact spans beyond the GTA. Earlier this year, Ontario Premier Kathleen Wynne cited housing starts as the biggest driver of GDP growth in our province in 2015.
In addition to building new homes, residential renovation is a key component of the industry’s economic contribution, responsible for half of the jobs in the industry in 2015. The renovation industry contributed nearly $15 billion in renovations to the local economy through home improvements, alterations and modifications. This helps maintain and improve the largest single wealth-builder for many GTA families.
A healthy new-home construction, renovation and repair industry is a significant contributor to the GTA economy and is critical to the economic well-being of our region, province and country. It’s essential to all of us.
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