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February 28, 2025NON-RESIDENTIAL FIXED CAPITAL INVESTMENT, Q4 AND ANNUAL 2024 Non-residential fixed capital investment consists of expenditures made by business, governments and non-profit institutions serving households that add to the capital stock for production of goods and services in an economy. Investment that are included are buildings, engineering construction (i.e. bridge, mine structure), machinery and equipment, and intellectual property products (i.e. software, mineral exploration) but it doesn’t include non-reproducible assets (lands, mineral deposits, natural resources) or housing investment. Statistics Canada has begun to release quarterly data on non-residential fixed capital investment and stock for the provinces with historical data back to 2013. Note, the data is not seasonally adjusted and expressed in current prices.
Year-over-year (Q4 2024 vs Q4 2023)
Nova Scotia non-residential investment (all sectors, all assets, current prices) increased 19.3% from Q4 2023 to Q4 2024; this was the fastest growth rate among all provinces. Nationally non-residential investment was up 7.5% with gains in all provinces. The slowest growth was reproted in Ontario.
Business sector investment in Nova Scotia increased 5.4% in Q4. National business non-residential investment was up 5.9% with gains in all provinces. Newfoundland and Labrador and British Columbia reported the fastest growth and Prince Edward Island reported the slowest.
Government fixed capital investment increased 31.4% in Nova Scotia from Q4 2023 to Q4 2024, the largest gain among the provinces. Across Canada, government investment (which includes all orders of government) was up 12.4% with gains in all provinces. Newfoundland and Labrador, Prince Edward Island and Ontario reported the slowest growth.
Nova Scotia non-residential building investment was up 8.2% compared to Q4 2023, the second fastest increase among provinces. Nationally, non-residential building investment was up 6.4% with gains in all provinces. The fastest growth was in Newfoundland and Labrador and slowest in Ontario.
Engineering construction investment was up 11.7% in Nova Scotia and 10.3% across Canada. All provinces reported higher investments in engineering construction with the fastest growth in Prince Edward Island. Newfoundland and Labrador reported the slowest growth.
Machinery and equipment investment was up 32.4% in Nova Scotia, a substantially faster rise than in any other province. Nationally, machinery and equipment investment grew 5.6% with gains in all provinces. Saskatchewan and Alberta reported the slowest growth.
Intellectual property investment was up 6.9% in Nova Scotia compared to Q4 2023. Nationally, intellectual property investment was up 6.5% with gains in all provinces. Nova Scotia, New Brunswick and Manitoba reported the fastest growth while the slowest growth was in Newfoundland and Labrador.
Nova Scotia's investments in fixed non-residential capital were larger in government investment ($1,536 million) than business investment ($1,056 million). Machinery and equipment made up the largest asset category of investment ($1,260 million). Investments in engineering construction ($515 million) were larger than those in non-residential buildings ($421 million) and to intellectual property ($401 million).
Growth was stronger for machinery and equipment as well as government sector investments. All asset categories reported higher investment than in Q4 2023.
Annual (2024 vs 2023)
Nova Scotia non-residential investment (all sectors, all assets, current prices) increased 19.1% comparing 2024 with 2023, fastest among all provinces. Nationally non-residential investment was up 4.5% with gains in all provinces. The slowest growth was in Saskatchewan and Alberta.
Business sector investment in Nova Scotia increased 2.5% in 2024, above the national pace of 2.2% All provinces reported growth over 2023, with the fastest growth in Nova Scotia and Ontario. Newfoundland and Labrador and Saskatchewan reported the slowest growth.
Government fixed capital investment increased 36.0% in Nova Scotia from 2023 to 2024, the largest gain among the provinces. Across Canada, government investment (which includes all orders of government) was up 11.3% with gains in all provinces. Saskatchewan reported the slowest gains compared to other provinces.
Nova Scotia non-residential building investment was up 8.5% compared to 2023, the second fastest increase among provinces. Nationally, non-residential building investment was up 6.1% with gains in all provinces. The fastest growth was in Newfoundland and Labrador and slowest in Ontario.
Engineering construction investment was up 5.3% in Nova Scotia, the second fastest growth among provinces. Nationally, engineering construction was up 3.4% compared to 2023. All provinces reported higher investments in engineering construction with the fastest growth in Prince Edward Island and the slowest in Newfoundland and Labrador.
Machinery and equipment investment was up 37.5% in Nova Scotia in 2024, a faster rise than in any other province. Nationally, machinery and equipment investment was up 4.4% with gains in all provinces. Saskatchewan reported the slowest gain.
Intellectual property investment was up 5.3% in Nova Scotia compared to 2023. Nationally, intellectual property investment was up 4.9% with gains in all provinces. The fastest growth was in Prince Edward Island and the slowest in Newfoundland and Labrador.
In 2024, Nova Scotia's investments in fixed non-residential capital were larger in government investment ($5,392 million) than business investment ($4,108 million). Machinery and equipment made up the largest asset category of investment ($4,506 million) last year. Investments in engineering construction ($1,920 million) were larger than those in non-residential buildings ($1,549 million) or intellectual property ($1,544 million).
Growth was stronger for machinery and equipment and for the government sector in Nova Scotia.
Trends
Nova Scotia's non-residential investment has generally trended up on a year-over-year basis (except 2020).
Business sector non-residential investment trended downward over 2016 to 2020, before trending upwards over 2021-2023. However, business sector investment has grown at a slower pace in 2024.
Government sector was mostly flat from 2014 through 2017, then trended upwards from 2017 to 2023, followed by a notable acceleration in the second half of 2024.
Non-profit institution serving households was little changed (at a low value) from 2019 through 2024.
Nova Scotia's investments in non-residential buildings declined from 2013 to 2017 and rose in 2018 and 2019. After a dip in 2020, Nova Scotia's investment in non-residential buildings recovered to its rising trend from 2021-2024.
Nova Scotia's investments in engineering construction assets trended up from 2018 to 2022, after which investment has grown at a slower pace.
Nova Scotia's investments in machinery and equipment assets have been notably stronger in the last year.
Nova Scotia's investments in intellectual property products has mostly trended up since 2013 with occasional spikes associated with specific offshore exploration projects.
Statistics Canada. Table 34-10-0163-01 Flows and stocks of fixed non-residential and residential capital, by sector and asset, provincial and territorial (x 1,000,000)
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