Construction industry to lead post-COVID-19 economic recovery
By NextHome Staff
June 26, 2020
June 26, 2020
The new home construction industry is well-positioned to play a significant role in the post-COVID-19 recovery in the GTA, Ontario and Canada, according to the Building Industry and Land Development Association (BILD)."Working with our colleagues at the Ontario and Canadian Home Builders' Associations, we have put together a roadmap for simple changes that will have a great impact to the economy," says David Wilkes, president and CEO of BILD.The CHBA, OHBA and BILD submitted a 20-point plan to the Ontario Jobs and Recovery Committee to help kick-start the Canadian economy post pandemic.COVID-19 has had a devastating impact on Canada, Ontario, and the GTA, the groups say. Millions of people lost their jobs and the economy has all but ground to a halt. As governments at all levels start to look at recovery, they will need to focus on the GTA, as the region is the engine of Canada's economy, accounting for 20 per cent of Canada's and 50 per cent of Ontario's GDP.The residential and commercial building and development industry, and the professional renovations industry, are major contributors to economic activity in the region. Collectively, they employ more than 360,000 people in the GTA, paying $22 billion in wages and generating $42 billion in investment value annually.