#2 Construction
Construction: Introduction
Olds construction industry is a vital part of the local economy, providing employment opportunities and is a major contributor to the town's growth and development. The sector is a diverse industry that includes residential, commercial, and industrial construction projects.
- According to the 2021 Census, the construction industry offered 540 jobs in the town of Olds, making it one of the top employers in the town.
- Residential construction is a significant part of the construction industry in Olds, with new homes and developments being built regularly. In 2022, there were 78 residential building permits issued in Olds, with a total construction value of over $8.4 million.
- Demand for housing is expected to remain strong over the next 20 to 30 years. Assuming a medium growth scenario with 2.31% population growth per year, and assuming average household size remains at or close to 2.48 persons per household, an additional 3,644 dwelling units will need to be constructed. At an average residential density of 12.35 units per hectare, it is anticipated 295 hectares (4.5 quarter sections) of land will be required to accommodate projected residential growth.
- In 2022, there were 28 commercial, industrial, and Institutional building permits issued totaling over $6.3 million.
- Overall, there was over $14.8 million invested in construction projects in Olds in 2022.
Olds is robust, with several significant projects completed in recent years. One notable project is the Olds College Smart Ag Innovation Centre, a state-of-the-art facility that serves as a hub for innovation and technology in agriculture. The project involved collaboration between several local construction companies and was completed in 2020.
Construction: Profile Details
The construction industry in Olds has experienced steady growth in recent years. Total building permits increased from $9.4 million in 2021 to $14.8 million in 2022. This growth is driven by both residential and non-residential construction, with notable projects including the construction of the Werklund Agriculture and Technology centre on Olds College's campus. Olds College is projecting strong growth in the next three years requiring an additional 180 units to the current 496 units available in student housing. In addition to students, Olds is also attracting international workers who need affordable housing. The construction industry is also supported by a favorable regulatory environment and strong demand for housing and commercial real estate. However, like many industries, the COVID-19 pandemic has introduced some uncertainty and challenges to the construction industry. Overall, the construction industry in Olds is expected to continue to grow in the coming years, driven by ongoing demand for new infrastructure and affordable multi-unit residential development and the Town’s investment in economic development initiatives and Invest Olds, which are helping to attract new businesses and industries to the area.
As with many industries, the construction industry in Olds relies on an efficient and effective supply chain to ensure that materials and goods are delivered to construction sites in a timely and coordinated manner. According to the Town of Olds Q4 Business license listing there are over 90 suppliers in the construction industry locally. The Town’s location within Alberta provides access to even more suppliers, manufacturers, and distributors, which helps to support a diverse and robust supply chain.
The construction industry in Olds offers a range of investment opportunities, in affordable housing development due to the increased supply of students and international workers. Approximately 150 acres of shovel-ready residential land are available. Opportunities also exist for industrial development with over 500 acres of available land, the majority of which is shovel-ready. In turn, growth increases demand for more commercial development. Once again, the increased growth of the college drives the expansion of research and innovation projects for new technologies and processes to improve efficiencies in and sustainability of the agriculture sector. This growth opens the door for new companies to join Olds expanding agriculture cluster and in turn, benefit the construction sector.
The construction industry in Olds is subject to a range of regulations at the local, provincial, and federal levels. Ultimately, the Government of Alberta regulates the construction industry through the Alberta Building Code and other legislation, such as the Safety Codes Act and the Occupational Health and Safety Act. The Alberta Building Code sets minimum standards for the design and construction of buildings in the province. It covers a wide range of requirements, including structural design, fire safety, plumbing, and electrical systems. The Safety Codes Act requires that all construction work in Alberta be done in compliance with the Alberta Building Code and other safety codes. It also requires that all work be performed by qualified individuals who hold the appropriate certifications. Occupational health and safety regulations are enforced by Alberta Occupational Health and Safety (OHS). These regulations cover a wide range of safety issues, including fall protection, electrical safety, and the use of personal protective equipment. In addition to these regulations, construction companies in Alberta are also subject to a range of other regulatory requirements, such as environmental regulations, land-use regulations, and zoning regulations.
Overall, the regulatory requirements are designed to ensure the safety and quality of construction work. These requirements are enforced by various government agencies and are an important consideration for construction companies operating in the province.
Infrastructure is a critical component of the construction industry in Olds, as it provides the necessary framework for economic growth and development. The Town and the province of Alberta are committed to investing in the Town's infrastructure systems including recent investments such as a new $6 million heavy haul access road with a roundabout intersection and deep utilities to serve industrial areas attracting new heavy and light industrial investment; $890K to build an outdoor rink, toboggan hill, and new playground; $50K on Active Mobility Transportation Study; $15K Affordable Rental Market Study; and $2.8 million to upgrade and retrofit the aquatic centre. The Town continues to grow and develop and infrastructure development will remain a key priority for ensuring long-term economic sustainability.
FAQ: Investing in Olds, Alberta
Invest Olds is a comprehensive resource for businesses and investors interested in the vibrant community of Olds, Alberta. We provide essential information for anyone looking to invest in this thriving region.
Investors are served by an Investor Concierge, a Technical Readiness Team (TRT), and a Development Investment Readiness Tech Team (DIRTT) who streamline the investment process. Your Concierge assists with each step of the process from regulation to ribbon cutting we are here for you. Invest Olds stimulates investment through a host of incentive programs to make an investment not only easy but viable.
Yes, stimulating economic growth and investment is the main priority of Invest Olds. The Town of Olds offers tax incentives for residential and commercial and industrial development. The provincial and federal governments have implemented several stimulus programs to support the growth of business in Olds. See our Stimulus page.
Yes, streamlined regulatory processes are one important advantage for Olds and this backstopped with some of the lowest municipal taxes and development fees in Canada sets Olds above all others.
