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October 10, 2024HOUSEHOLD INCOME AND CONSUMPTION, Q2 2024 Household Income and Outlay
In addition to compensation of employees, household income also includes net mixed income (generated from unincorporated businesses), property income received (generated as the result of ownership of assets) and current transfers received (generally from government).
Nova Scotians received $15.26 billion in household income in Q2 2024, including $8.40 billion in employee compensation, $2.01 billion in net mixed income, $1.67 billion in property income received and $3.18 in current transfers received.
After paying current transfers (including income taxes) of $4.72 billion and property income of $0.63 billion, Nova Scotia disposable income was $9.91 billion in Q2 2024. Including the $3.57 billion value of social transfers in kind received from governments or non-profits in the form of services provided for households, Nova Scotia had adjusted disposable income of $13.48 billion.
The consumption of social transfers in kind matches the value of social transfers received ($3.57 billion), while households spent $10.54 billion on consumer expenditures. The value of household final consumption expenditures and social transfers in kind exceeded adjusted household disposable income, so the difference must be made up out of negative savings, including a reduction of $0.22 billion in household savings and a $0.41 billion change in pension entitlements.
Household income
Nova Scotia's overall household income growth from Q2 2023 to Q2 2024 was 9.9% - the second fastest increase among provinces after Prince Edward Island. All provinces reported rising household income year-over-year, with the slowest gain in Québec. National household income increased by 7.7% from Q2 2023 to Q2 2024.
Nova Scotia's rising household income reflected employee compensation growth of 8.2%, also the second fastest increase among provinces after Prince Edward Island. Nationally, employee compensation was up 5.5% year-over-year with gains in all provinces (weakest growth in Manitoba)
Nova Scotia's net mixed income from unincorporated businesses grew 14.2% from Q2 2023 to Q2 2024. National net mixed income was up 14.3%. Manitoba reported the fastest growth from Q2 2023 to Q2 2024 while Saskatchewan's negative net mixed income contracted (representing an improvement).
Nova Scotia's growth in property income receipts was 13.3%. The national average gain in property income received was 14.0% with the fastest growth rates in Québec and Manitoba. Saskatchewan reported the weakest growth in property income receipts.
Current transfers received were up 9.9% in Nova Scotia from Q2 2023 to Q2 2024, the third fastest rise among provinces after Newfoundland and Labrador and Prince Edward Island. The national pace of transfer growth was 7.8%. All provinces reported higher transfers, with Québec reporting the slowest rise.
Through the first half of 2024, Nova Scotia's household income increased by 10.1% compared with the same period in 2023. Nova Scotia reported the second fastest year-to-date growth in household income after Prince Edward Island. Québec reported the slowest growth. National household income was up 7.8% year-to-date.
Nova Scotia's employee compensation growth of 8.9% year-to-date led all provinces. National employee compensation growth was up 5.8% with the slowest gain in Manitoba.
Net mixed income grew by 14.5% year-to-date in Nova Scotia. Net mixed income growth was 14.0% nationally. The fastest growth was in Saskatchewan (including reversal of negative net mixed income) while Ontario reported the slowest growth in net mixed income.
Nova Scotia's property income receipts also grew by 14.5%, the third slowest among provinces ahead of Saskatchewan and Alberta. National property income receipts were up 15.5% year-to-date with the fastest gain in Manitoba.
Nova Scotia reported an 8.6% increase in current transfer income, the fastest year-to-date increase among provinces (just ahead of Newfoundland and Labrador). National current transfers grew 6.4% with the slowest gain in Saskatchewan.
In Q2 2024, Nova Scotia's household income was $31,343 per household or 81.1% of the national average ($38,628). The highest income per household was in Alberta and lowest in New Brunswick (followed by Nova Scotia).
Nova Scotia's employee compensation $17,247 per household, amounting to 74.8% of the national average per household ($23,070). Alberta reported the highest employee compensation per household and Prince Edward Island the lowest (followed by Nova Scotia).
Nova Scotia's net mixed income generated by unincorporated businesses amounted to $4,137 per household, which was 107.7% of the national average per household of $3,843. Across Canada, the highest value of net mixed income per household was in British Columbia and the lowest was in Saskatchewan (where it was negative).
Nova Scotia property income received in Q2 2024 was $3,438 per household, which was 70.9% of the national average ($4,846 per household). The highest property income values were in British Columbia, Alberta, and Ontario. The lowest property income per household was in Newfoundland and Labrador.
Current transfers received in Nova Scotia were $6,521 per household in Q2 2024. Current transfers received in Nova Scotia were 94.9% of the national average per household ($6,869). Transfers per household were highest in Newfoundland and Labrador and lowest in British Columbia (second lowest in Nova Scotia).
Household Consumer Expenditures
Comparing Q2 2024 with Q2 2023, Nova Scotia's household consumer expenditures increased by 5.2%, just above the national pace of 5.1%. Year-over-year growth in consumer expenditures was mostly uniform across the country, ranging from a low of 4.7% in Québec to a high of 5.4% in British Columbia.
Social transfers in kind refer to services that are provided for the benefit of households but are paid for by governments and non-profits. These are primarily health and education expenditures, which add to private expenditures made on these services. Social transfers in kind increased by 11.1% in Nova Scotia (8.4% nationally) from Q2 2023 to Q2 2024. Social transfers in kind grew fastest in Alberta and Prince Edward Island (followed by Nova Scotia). British Columbia reported the smallest increase for social transfers in kind.
The sum of household final consumer expenditures and social transfers in kind is termed 'household actual final consumption expenditures', which reflects the benefits to households from both private expenditures as well as services provided by governmens and non-profits. Combining these two components led to household actual final consumption growth of 6.6% for Nova Scotia, which was second fastest among provinces, behind Saskatchewan. National household actual final consumption grew 5.8%. British Columbia and Newfoundland and Labrador reported the slowest growth in household actual final consumption year-over-year.
Year-to-date (Q1-Q2 2024 vs Q1-Q2 2023) household consumption grew by 5.2% in Nova Scotia, just ahead of the national pace of 5.1%. Nova Scotia's social transfers in kind rose by 8.2%, outpacing the national gain of 7.3%. In total, Nova Scotia's household actual final consumption grew by 6.0% year-to-date. National growth in household actual final consumption was 5.6%, with the fastest gain in Saskatchewan and the slowest growth in Newfoundland and Labrador.
Among the categories of actual final consumption expenditures, housing/utilities/energy made up the largest category of household consumer expenditures, followed by social transfers in kind for health care, transportation, food/beverages, social transfers in kind for education and recreation/culture.
From Q2 2023 to Q2 2024, growth in per household spending was fastest in social transfers for health, followed by housing/utilities/energy, social transfers for education and private education expenditures. Expenditures were down for alcoholic beverages/tobacco, clothing/footwear, other social transfers, household furnishings/equipment and recreation/culture.
Year-to-date expenditures per household in Nova Scotia were largest for housing/utilities/energy, social transfers for health, transportation, social transfers for education, food/beverages and recreation/culture.
Nova Scotia per household expenditures grew fastest for health social transfers, private education and housing/utilities/energy. Year-to-date per household spending on household furnishings/equipment, alcoholic beverages/tobacco and clothing/footwear were all down in Nova Scotia.
Nova Scotia's final consumer expenditures (paid for private by households) amounted $21,643 per household (87.6% of the national average per household). Across Canada, final consumer expenditures per household were $24,698 with the highest values in British Columbia and Alberta and the lowest value in Québec.
In Q2 2024, Nova Scotian households received $7,323 per household worth of social transfers in kind (104.0% of the national average per household). Across Canada, social transfers in kind were $7,042 per household with the highest value in Manitoba and the lowest value in New Brunswick.
Nova Scotia's household actual final consumption expenditures in Q2 2024 were $28,966 per household (91.3% of the national average per household). National household actual final consumption expenditures were $31,740 per household with the highest value in Alberta and the lowest value in Prince Edward Island.
In Q2 2024, Nova Scotia's net savings per household were -$454. Newfoundland and Labrador, Nova Scotia, New Brunswick, Manitoba and Saskatchewan reported negative net savings in Q2 2024. National savings were a positive $743 per household with the highest values in Québec and Alberta.
Source: Statistics Canada. Table 36-10-0663-01 Distributions of household economic accounts, income, consumption and saving, Canada, provinces and territories, quarterly (x 1,000,000)
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