SURREY— The construction sector now contributes a strong 9.9% of British Columbia’s total GDP, according to the newly released B.C. Construction Monitor, published by the Independent Contractors and Businesses Association (ICBA).
The quarterly publication – relaunched in a revamped format – pairs in-depth analysis by ICBA Chief Economist Jock Finlayson with key economic statistics from across the province’s construction industry.
“The 9.9% GDP contribution underscores just how vital construction is to B.C.’s economy,” said Chris Gardner, ICBA President and CEO. “But it also means that if construction stalls, so does the rest of the province – and right now, we’re facing major headwinds.”
The report is a reminder of construction’s vital role in driving investment, jobs, opportunity, and growth. “One of the central challenges of our time is building more (of everything) faster. It’s the construction industry that is key to unlocking so much of the potential of our country and our province, yet it remains the underappreciated, and largely misunderstood, foundation of our economy”, said Gardner.
The report warns of falling business investment, a trade war threatening to delay or cancel major projects, and provincial policies that discourage capital and innovation. The big driver of uncertainty ripping through our economy and global markets is the trade war unleashed by President Donald Trump.
“Governments must throw out their old playbook, be bold and think big,” Gardner added. “We need to do things differently to attract investment, reduce red tape, and realize the potential of our energy and natural resources.”
As ICBA publishes this edition of the Construction Monitor, the uncertainty B.C. is facing at the prospect of a full-blown trade war with our closest neighbour, biggest trading partner, and historical ally is deeply unsettling and has the potential to usher in change on a scale that we have not seen in generations. Said Gardner, “We maintain that the best posture for governments to adopt is a combination of four measures:
- Accelerate the negotiations for a new trading framework with the United States as quickly as possible and aggressively expand our global trading partnerships.
- Only impose counter tariffs strategically to ensure we do not compound the impact of rising costs on Canadians.
- Dramatically speed up the approval and permitting of all projects (homes, hospitals, schools, roads, energy, ports and pipelines) and get Canada’s energy and critical minerals to global markets fast.
- End all inter-provincial trade barriers and make Canada the best place to invest and grow a business.”
Other insights from the Spring 2025 edition include:
- 27,780 construction companies operate in B.C.
- Construction now employs more than 254,000 British Columbians, up 6.3% from last year
The full report is available HERE or at icba.ca/economics.
