Construction Industry Forecasts: Expansion and Contraction

Construction industries in the Philippines, Canada, and Finland are projected to experience varying degrees of growth and contraction over the forecast period. The Philippines is expected to expand by 8.5% in 2023 and 7% in 2024, driven by government investments in infrastructure and energy sectors. In Canada, the industry is projected to shrink by 1.7% in 2023 and 3.1% in 2024, with a rebound expected from 2025-27. Meanwhile, Finland's construction industry is expected to contract by 7.9% in 2023 due to residential construction decline and an increase in company bankruptcies, but is projected to grow at an average annual rate of 2.1% between 2024 and 2027, supported by infrastructure projects such as transportation and energy initiatives.