According to the Associated Builders and Contractors (ABC), which analyzed new data from the U.S. Bureau of Labor Statistics, the industry lost 11,000 jobs in February, though the sector still recorded modest annual growth year-over-year with the addition of 42,000 jobs or 0.5 percent growth in overall construction employment.

The job losses were concentrated primarily in nonresidential construction. Heavy and civil engineering construction lost 6,500 jobs, while nonresidential specialty trade contractors shed 1,400 jobs; however, these figures were partially offset by the addition of 4,100 positions, which demonstrates demand continues to exist, with certain commercial construction projects remaining relatively stable.

Industry analysts believe the variation across sectors highlights how different segments of construction are responding unevenly to economic conditions stemming from geopolitical uncertainty, high interest rates, higher material costs, and up-and-coming projects.

Construction has been in decline for several quarters, and the slowdown may not be employment-specific, as the industry’s backlog, which measures the amount of contracted construction work to be completed, also dropped to its lowest level in four years, which means contractors could be securing fewer new projects, which could have implications for hiring in the coming months.

Construction spending has also been in decline over the last several quarters, reflective of the cautious investment environment taken by project owners who must juggle the various challenges currently present as higher interest rates have spilled over to real estate financing and infrastructure development. Some analysts maintain optimism that long-term demand could strengthen due to infrastructure spending, particularly federal infrastructure projects, growth in the manufacturing sector, and persistent housing shortages, but this will depend on broader economic conditions.

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According to Destination Toronto, the project would include a new marine terminal, a public plaza, and a pier featuring a signature architectural landmark, referring to it as a “transformative infrastructure project” that will have a dual function as “a multi-use marine transportation hub and an iconic gateway to the city.”

The proposed facility will be in alignment with the marine transit strategy of the City of Toronto and capable of accommodating Great Lakes passenger cruise ships, marine transit services, and certain recreational boating activities.

This is one of many development opportunities along the city’s waterfront, including redevelopment opportunities in the Port Lands which were recently unlocked for large-scale mixed-use development. As one of the largest contiguous areas of underdeveloped urban land in any major global city, the $1.4 billion flood protection and river naturalization project funded by the federal, provincial, and local governments has made this possible.

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The study links the lagging construction industry, particularly small businesses, to the persistent housing affordability issue, citing decreased productivity nationwide as “smaller firms accounted for the overall decline in labour productivity.”

The study measures labour productivity by dividing real gross revenue by annual average employment, meaning productivity equals output divided by the number of employees. The findings showed that between 2001 and 2023, labour productivity in housing construction dropped by 37.3 percent. While job figures grew, output did not.

Instead of improving processes and adopting new technologies, companies, particularly smaller ones, were putting all their emphasis on hiring to gain productivity. For example, integrating robots or utilizing prefabrication could help these companies better achieve economies of scale, and thus, productivity.

Increasing the efficiency of construction, “is the long-term key to improving housing affordability,” said Aled ab Iorwerth, Canada Mortgage Housing Corporation (CMHC) deputy chief economist and a co-author of the report, to CTVNews.ca. “It’s not going to be a quick process,” said ab Iorwerth. “It’s going to take years of consistent building of more housing.”

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The deal, valued at $125 billion, will produce 50 billion gallons of refined products worth $175 billion at the refinery that is designed exclusively for American light shale oil. Once active, the refinery is expected to reduce reliance on imported crude, which will strengthen national security and domestic energy production, and drive economic stability through job creation in South Texas.

AFR said in a March 10, 2026, statement, that the project represents “the largest energy deal in U.S. history.”

The project, which is backed by an unnamed global supermajor partner, is expected to break ground in the second quarter of 2026 and will be a historic move that will improve the U.S. trade imbalance by $300 billion.

As the new refinery was designed exclusively for the processing of American light shale oil, it is a cleaner, more efficient process that will cost less than processing heavier imported crude to produce some of the cleanest gasoline, diesel, and jet fuel.

“This is one of the most important energy infrastructure projects in America today,” said Trey Griggs, President of America First Refining. “The United States has a surplus of light shale oil, but a shortage of refining capacity designed to process it. By building this refinery at the Port of Brownsville, we’re unlocking a major expansion of American energy production while creating thousands of high-paying jobs and strengthening our domestic supply chain.”

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“As the U.S. faces historic infrastructure demands, capital alone is not enough—people are central to building our nation’s future,” said Larry Fink, Chairman and CEO of BlackRock.

Timely, as well, as The Future Builders program is expected to play a key role in meeting the nation’s $10 trillion infrastructure investment needs by 2033.

In a statement, the company said, “Over the next decade, employment in U.S. infrastructure–related skilled trades is projected to grow by more than five percent—outpacing the national average of three percent—representing hundreds of thousands of net new jobs. Matching the pace of demand for these skilled workers is essential to enabling the next phase of economic growth.”

These positions should be appealing, too. According to Michael Guckes, chief economist for ConstructConnect, construction wages have continued to rise, with average hourly pay reaching $40.55 in January 2026, which is representative of a 3.8 percent increase over the previous year. Weekly hours are also up, pushing average weekly earnings up by approximately 25 percent versus the average private nonfarm worker.

The initiative will work collaboratively with governments, labour organizations, and non-profit organizations to better scale effective training programs to ramp up output to better meet the rising demand for these positions. The initiative builds on BlackRock’s broader philanthropic efforts, which have included $354 million in grants since 2020, supporting over 250,000 individuals through education and workforce training programs.

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The 12^th WIN Awards ceremony will be held May 6 in Toronto, Montreal, Vancouver, Ottawa, Halifax, and Calgary where the winners will be announced.

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