five years of construction,” explains Tuckey.
The industry also generates $10 billion in
paid wages per year, making it one of the
largest employers in the region.
The local advantage doesn’t end there. Us-
ing local materials also contribute to the
economy.
“We’ve been trying to show that it’s kind
of like a 100 mile diet where most of what
is purchased, especially on the renovation
side, is purchased within 100 kilometres of
the building that’s being built,” adds Tuckey.
To understand the current state of construc-
tion, it is important to think of the GTA as
a tale of two different markets, says Tuckey.
“From a high-rise standpoint, there are al-
most 58 000 high-rise units under construc-
tion in the GTA as of the end of September
2012,” he continues.
Eighty-eight per cent of the high-rise units
have been sold and are scheduled to be
completed over the next four years. When
it comes to sales, the year-to-date numbers
at the end of September are third highest re-
cord for high-rises.
“They’ll be turning to construction cranes
over the next year or two,” adds Tuckey.
APRIL 2013
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business elite canada
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