Construction and renovation industries key to GTA prosperity
It was a year of celebration for the Building and Land Use Industry Association (BILD) and for our industry. We celebrated BILD’s 100th anniversary and highlighted the industry’s contributions to building the GTA over the past century.
As 2021 draws to a close, I am immensely proud of our industry, not only for the homes and offices it builds for the residents of the GTA, but also for the economic benefits it brings. Through the jobs it creates, the wages it pays, the value of the investments and the tax revenues it generates, it is an economic engine for the region and essential to its prosperity.
Each year, members of our industry begin construction of over 41,000 homes in the GTA, including detached single family homes, townhouses and high rise apartments. (All estimates are based on 2020 data from Canada Mortgage and Housing Corporation and Statistics Canada, as reported by the Canadian Home Builders’ Association.) The construction of these homes employs people in approximately 90,715 jobs, both on-site in trades and construction positions. who carry out the building, and offsite in planning, design, architecture, engineering, and financial and support services.
The industry pays around $ 6 billion in wages, which translates into purchases of goods and services in the GTA economy. New home construction represents approximately $ 11.2 billion in investment value in the GTA. And keep in mind that these numbers do not include the commercial buildings our industry constructs, which contribute their own jobs, wages, and investment value.
The numbers are even more impressive when home renovations and repairs, including those done by BILD’s RenoMark renovators, are added to the mix. This sector employs people in approximately 140,496 jobs, bringing the overall total of jobs provided by construction, renovation and repair of new homes to approximately 231,211, a significant share of the GTA labor market. The home renovation and repair industry pays $ 9.3 billion in wages and represents $ 15.7 billion in investment value.
All of this work is developing new communities and renewing the existing housing stock – buildings and infrastructure where people can live, work and play.
It also translates into significant tax revenues for all levels of government: m income taxes, corporate taxes, and government fees and charges on new developments that are reinvested in programs, services and infrastructure that benefit everyone. residents of the GTA.
When I walk past a construction site or see a crane on the horizon, I am proud of what they represent: places to live for families, a well-paid job, economic prosperity and an investment in life. quality of life for all of us.
The contributions of the building, land use planning and professional renovation industries are truly worth celebrating.