The "Monthly estimates of business openings and closures, October 2023" prepared by Statistics Canada suggests there might be a consolidation opportunity within the construction industry, as the number of new business is less than the number of businesses being closed. This suggests there is some market tightening happening. As a result, this could present a chance to acquire assets or talent from closing businesses at a reduced cost in addition to market share. Understanding how inflation has impacted pricing and cost management, there may be opportunities for innovation in cost-effective building techniques, materials and process. It's could be time for strategic investments that enhance operational efficiency and diversify service offerings to capture market share from your less agile competitors.

Where is the opportunity?

Some business owners struggle to start a new business or purchase an existing one. Given the tightening market and inflation challenges, acquiring an existing business might offer immediate operational capabilities and an established customer base, potentially mitigating startup risks and overheads. However, starting a new business allows for modern, innovative approaches from the ground up, potentially offering greater long-term flexibility and alignment with emerging construction trends and technologies.



* External Source: statcan.gc.ca/o1/en/plus/5484-fewer-active-businesses-october-openings-decrease