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November 20, 2024BUILDING CONSTRUCTION, SEPTEMBER 2024 Monthly (September 2024 vs August 2024, seasonally adjusted)
Investment in Nova Scotia building construction decreased by 3.8% in September 2024 to $564.4 million. Halifax monthly building construction was down 7.8% to $288.2 million while outside of Halifax building construction was up 0.8% to $276.2 million. Nationally, investment in building construction increased 2.1% with increases in seven provinces. Newfoundland and Labrador reported the largest gain while New Brunswick reported the biggest drop.
Nova Scotia's September 2024 residential construction investment decreased by 4.4% to $457.7 million. Halifax residential construction was down 10.1% to $221.2 million. Outside of Halifax residential construction was up 1.6% to $236.5 million. National residential construction was rose by 2.9% with gains in seven provinces. Newfoundland and Labrador had the largest gain, and New Brunswick reported the largest decline.
Nova Scotia's non-residential building construction fell 0.9% to $106.7 million. In Halifax, non-residential construction was up 0.6% to $67.0 million. Outside of Halifax, non-residential construction was down 3.3% to $39.7 million. National non-residential building construction edged up 0.3% in September 2024 with gains in five provinces, led by New Brunswick and Ontario. Québec reported the largest decline in non-residential building construction.
Year-to-date (January-September 2024 vs January-September 2023)
Compared to January-September 2023, building construction investment was up 24.6% in Nova Scotia. Halifax construction activity was up 30.8% and outside of Halifax construction activity was up 18.5%. National building construction investment was up 6.4%, with gains all provinces except Newfoundland and Labrador. Prince Edward Island reported the largest gain.
Residential construction investment was up 22.8% in Nova Scotia compared to January-September 2023. Halifax's residential construction was up 33.1% and outside of Halifax residential construction was up 13.7%. National residential construction was up 7.1% with gains in all provinces except Newfoundland and Labrador and Ontario. Prince Edward Island reported the fastest gain.
Nova Scotia's non-residential construction was up 34.0% compared to January-September 2023, the fastest gain among provinces. Halifax's non-residential construction rose 22.9% while outside of Halifax, non-residential construction was up 54.0%. National non-residential construction investment increased 5.1% compared to January-September 2023. Eight provinces reported increases. Newfoundland and Labrador and Québec reported the only declines.
Nova Scotia's total building construction investment increased from $3.99 billion in January-September 2023 to $4.98 billion in January-September 2024. Residential investment as well as non-residential investment were up across the province.
Residential construction investments were up for multiple unit dwellings and single dwelling units, both inside Halifax as well as around the rest of the province.
Non-residential building construction investment was up in all categories of non-residential construction across the province: commercial, industrial, and institutional/government.
All categories and locations of building construction investment reported year-to-date growth with the fastest increases (in percentage terms) for institutional/governmental building projects - particularly outside Halifax. In Halifax, the next fastest percentage gains in construction were reported in industrial buildings and multiple unit dwellings; the slowest gain was reported for commercial buildings in Halifax. Outside the city, the next fastest percentage gains after institutional/governmental buildings were in multiple unit dwellings and industrial buildings; single dwelling units posted the slowest growth outside the city.
Trends
Building construction has trended up over recent years, particularly from rising residential investment. Residential investment (and therefore total investment) exhibits peaks and troughs around a rising trend. Non-residential investment has been on a more gradual increasing trend, primarily from investments in Halifax.
In Halifax, residential construction investment has trended up for both single and multi-unit dwellings since late 2023. Outside the city, investment in single dwelling unit construction is typically higher than for multi-unit structures. In Halifax, multiple dwelling unit buildings are a slightly larger investment than single dwelling units.
Non-residential building construction has lower values than residential construction.
Halifax commercial building construction has rebounded in recent months.
Government/institutional construction has been increasing since early 2023.
Industrial investment has been growing since mid-2023 in Halifax and since late 2023 outside the city.
Statistics Canada. Table 34-10-0286-01 Investment in building construction
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