ECONOMIC IMPACT OF THE INDUSTRY
Each and every year the building, development and professional renovation industry builds thousands of new homes for GTA residents, creates thousands of on-site and off-site jobs and contributes billions of dollars to the local, provincial and national economy.
In 2018 alone, the industry employed 270,129 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.
The development process begins long before the shovels break ground. Many different professions and trades are involved in the building of homes from urban planners, lawyers, marketers and designers to electricians, plumbers, framers and many others.
These are quality, well-paying jobs. In 2018 across the GTA, $16.5 billion in paid wages were earned by industry workers, which in turn is money that flows back into our economy supporting growth in consumer industries and contributing to the economic prosperity of our region.
The number of jobs in the new homes industry is influenced by the number of new homes beginning construction, also known as housing starts. In fact, every construction crane you see in the GTA represents up to 500 new on-site and off-site jobs in construction and related fields. In 2015 there were 44,092 new housing starts across the GTA.
The industry contributed more than $34 billion to the GTA economy in 2018, 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.
The building, development and professional renovation industry is essential to the economic strength and prosperity of the Greater Toronto Area.