Thank you, Kevin.
The issues that Kevin spoke about at the national level are very much at play in the Hamilton region and across the west end of the Golden Horseshoe. Ontario's residential construction industry is expected to rise by 4% over the coming decade, and potentially much more if we are to make up ground catching up on our housing supply shortfall—an issue that is now thankfully well recognized in Ontario and across the country.
To achieve the necessary growth in housing starts, Ontario must remain focused on replenishing our residential construction labour force, an astounding 22% of which is expected to retire over the coming decade. As the last of the baby boomers are expected to be 65 years old by 2029, Ontario’s residential construction sector is expected to see almost 52,400 workers exit the industry to retirement.
Due to an aging population and increased competition for talented youth amongst the province’s industries, attracting new workers for careers in construction is going to be challenging. Based on historical trends, Ontario is expected to bring in 42,732 new entrants from the local population aged 30 and younger, a pace that's expected to lag departures due to retirement each and every year over the scenario period.
Should recruitment success not increase, the province could be looking at a recruitment gap of almost 17,700 workers by 2030. We are already seeing the impacts of these labour shortages. The CHBA housing market index that Kevin referenced in his remarks is showing construction delays in Ontario of 11 weeks due to labour and supply chain issues.
I won't repeat the recommendations Kevin provided, but suffice it to say that those same recommendations certainly would apply in the Hamilton area.
Thank you very much. We look forward to answering any questions you may have.