Canada’s economic outlook continues to transition downwards. Elevated interest rates have resulted in lower consumer spending and Gross Domestic Product (GDP) has fallen as a result.

The construction sector has equally felt the repercussions of high interest rates, particularly in the residential market, which has resulted in lower capital expenditure and a slowdown in project starts.

Not all areas are affected equally, however. Infrastructure investment is growing and industrial and manufacturing workloads are resilient, while many provinces, such as Alberta, continue to weather economic headwinds.