ICIC Construction sector quarterly insights Q1 2024
This report was prepared by the Canadian Construction Association (CCA) to provide an overview of the last quarter, the current economic health of the industry, and its implications for member businesses.
Highlights:
Canada’s economic landscape: Canada’s economy exhibited modest growth in the first quarter of 2024, with GDP increasing by 0.6 per cent. Despite lagging behind the U.S. and other nations, this slower growth has led to a more favourable inflation scenario in Canada, prompting early interest rate cuts.
• Monetary policy adjustments: Due to eased inflation pressures, the Bank of Canada implemented its first two interest rate cuts in four years in June and July, lowering the overnight rate to 4.50 per cent. Further rate cuts are anticipated this year.