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March 17, 2025BUILDING CONSTRUCTION, JANUARY 2025 Monthly (January 2025 vs December 2024, seasonally adjusted)
Investment in Nova Scotia building construction increased by 6.2% in January 2025 to $598.4 million, the second fastest increase behind Prince Edward Island. Halifax monthly building construction was up 12.9% to $358.3 million while outside of Halifax building construction was down 2.4% to $240.1 million. Nationally, investment in building construction increased 1.8% with increases in five provinces. Manitoba reported the fastest decline in building construction investment.
Nova Scotia's January 2025 residential construction investment increased by 8.1% to $493.8 million. Halifax residential construction was up 17.3% to $295.9 million. Outside of Halifax residential construction was down 3.2% to $197.9 million. National residential construction increased by 2.3% despite declines in six provinces. Prince Edward Island had the largest gain and Manitoba reported the fastest decline.
Nova Scotia's non-residential building construction declined 2.0% to $104.6 million, the largest decline among provinces. In Halifax, non-residential construction was down 4.1% to $62.4 million. Outside of Halifax, non-residential construction was up 1.3% to $42.2 million. National non-residential building construction was up 0.8% in January 2025 with gains in six provinces, led by Manitoba.
Year-over-year (January 2025 vs January 2024)
Compared to January 2024, building construction investment was up 26.2% in Nova Scotia. Halifax construction activity was up 60.2% and outside of Halifax construction activity was down 4.2%. National building construction investment was up 5.7%, with gains in all provinces except British Columbia and Alberta. Saskatchewan reported the largest gain, followed by Nova Scotia and New Brunswick.
Residential construction investment was up 28.9% in Nova Scotia compared to January 2024. Halifax's residential construction was up 74.7% and outside of Halifax residential construction was down 7.4%. National residential construction was up 5.6% with gains in seven provinces. Saskatchewan reported the fastest gain, while British Columbia experienced the largest decline.
Nova Scotia's non-residential construction was up 14.9% compared to January 2024. Halifax's non-residential construction rose 14.8% while outside of Halifax, non-residential construction was up 15.0%. National non-residential construction investment increased 6.0% compared to January 2024. Eight provinces reported increases. Newfoundland and Labrador and Québec reported the only declines, while Prince Edward Island saw the largest gain.
Nova Scotia's total building construction investment increased from $474.2 million in January 2024 to $598.4 million in January 2025. Non-residential investment was up across the province, but was offset by a decline in residential investment outside of Halifax, resulting in declining overall building investment in the rest of Nova Scotia.
Residential construction investments were up for multiple unit dwellings and single dwelling units in Halifax, while the rest of Nova Scotia's increase in multiple unit dwelling investment was offset by a decline in single unit investment.
Non-residential building construction investment was up in the industrial and institutional/government categories of non-residential construction across the province. Investment in commercial construction was up in Halifax, but declined in the rest of the province.
All categories of building construction investment increased in Halifax, with the fastest gain in multiple unit dwellings and the slowest in commercial construction. In the rest of Nova Scotia residential building construction investment declined, with gains in multiple unit dwellings offset by a decline in single dwelling units. For non-residential building construction in the rest of Nova Scotia, the fastest growth was in institutional/government investment, while commercial construction declined.
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 and has recently begun to increase after a several-month decline, with gains in Halifax offsetting continued declines in the rest of Nova Scotia. Non-residential investment has been on a more gradual increasing trend, primarily from investments in Halifax, and has recently plateaued.
In Halifax, residential construction investment had trended up for multi-unit dwellings since late 2024. However, single unit dwelling investments have peaked and started to trend down again. 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 plateaued and begun to decline in recent months, while institutional/government and commercial projects continue to grow. Outside the city, non-residential investment levels have declined in recent months on falling commercial building investments.
Statistics Canada. Table 34-10-0286-01 Investment in building construction
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