BTY Group's Market Intelligence Report Forecasts Stable Growth, Minimal Price Increases
VANCOUVER, Jan. 8, 2013 /CNW/ - Private sector investment in new non-residential construction will complement healthy residential activity to keep construction workloads stable with minimal price increases in B.C. for 2013, according to BTY Group's annual Market Intelligence Report on construction costs across Canada.
"Major new investments in commercial-retail as well as mining and energy will lead the way in BC," said Joe Rekab, Managing Partner at BTY Group. "The province's residential sector, bolstered by continued strong in-migration, will buck the national cooling trend. Metro Vancouver will see the highest concentration of new commercial and residential activity."
Highlights from across B.C. include:
- Five new office towers worth $1.6 billion are under way in downtown Vancouver, with three major mall renewals in Metro Vancouver under construction or in the planning stage.
- Discount retailer Target is revamping 26 Zellers stores across B.C. over the next two years at $10 million a store.
- B.C.'s housing starts are projected to increase to 29,100 for 2013.
- Encana/Apache are investing $4.7 billion in the Kitimat Liquid Natural Gas Terminal and Pipeline
- Rio Tinto/Alcan are moving ahead on a $3.3 billion modernization of the Kitimat smelter.
BTY Group has been publishing its annual industry review of construction cost forecasts across Canada since 2003. Over the years the Market Intelligence Report has earned a reputation in the development, property and finance communities for crucial insight on factors behind the changing marketplace and reliable unit rate cost projections for the coming year. A full copy of the report can be accessed on BTY Group's website at www.bty.com.
About BTY Group
With eight offices across the country and more than three decades of experience in serving the construction and development industries, BTY Group is one of Canada's leading providers of Cost Management, Project Monitoring and Public- Private Partnership Advisory services.
SOURCE: Independent Contractors And Businesses Association of BC (ICBA)
For further information:
Saira Muzaffar, Marketing & Communications Manager T: 416-596-9339 E: [email protected]