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May 26, 2025BUILDING CONSTRUCTION, MARCH 2025 Monthly (March 2025 vs February 2025, seasonally adjusted)
Investment in Nova Scotia building construction fell 3.3% in March 2025 to $532.9 million. Halifax monthly building construction was down 6.0% to $317.4 million while outside of Halifax building construction was up 1.0% to $215.5 million. Nationally, investment in building construction decreased 0.9% with increases in six provinces. Newfoundland and Labrador reported the largest decline in building construction investment, while Prince Edward Island had the fastest increase.
Nova Scotia's March 2025 residential construction investment dropped 5.1% to $419.4 million. Halifax residential construction was down 7.9% to $252.7 million. Outside of Halifax residential construction was down 0.4% to $166.7 million. National residential construction decreased by 1.8%, with declines in five provinces. Prince Edward Island had the largest gain and Newfoundland and Labrador reported the fastest decline.
Nova Scotia's non-residential building construction rose 4.0% to $113.5 million. In Halifax, non-residential construction was up 2.5% to $64.7 million. Outside of Halifax, non-residential construction was up 6.0% to $48.8 million. National non-residential building construction was up 1.3% in March 2025 with gains in six provinces, led by Saskatchewan. Newfoundland and Labrador reported the fastest decline.
Year-to-date (January-March 2025 vs January-March 2024)
Compared to January-March 2024, building construction investment was up 8.8% in Nova Scotia. Halifax construction activity was up 25.8% and outside of Halifax construction activity was down 9.9%. National building construction investment was up 6.5%, with gains in seven provinces led by Saskatchewn. British Columbia reported the largest decline.
Residential construction investment was up 7.0% in Nova Scotia compared to January-March 2024. Halifax's residential construction was up 28.1% and outside of Halifax residential construction was down 14.9%. National residential construction was up 6.5% with gains in six provinces. Saskatchewan reported the fastest gain, while British Columbia experienced the largest decline.
Nova Scotia's non-residential construction was up 16.8% compared to January-March 2024. Halifax's non-residential construction rose 17.1% while outside of Halifax, non-residential construction was up 16.4%. National non-residential construction investment increased 6.7% compared to January-March 2024. All provinces reported gains except Québec, led by Prince Edward Island.
Nova Scotia's total building construction investment increased from $1,544.7 million in January-March 2024 to $1,680.1 million in January-March 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.
Nova Scotia residential building construction investment growth was driven by an increase in Halifax multiple dwelling building construction, offsetting declines in all other categories in and outside of Halifax.
Non-residential building construction investment was up in all categories in and outside of Halifax, with the exception of no change in commercial buildings outside of Halifax. The largest increases were in institutional and government building construction investment.
All categories of building construction investment increased in Halifax with the exception of single dwelling units, with the largest increase in multiple dwelling uints. In the rest of Nova Scotia residential building construction investment declined across all categories. 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 plateaued after several monthly declines, with gains in Halifax no longer offsetting 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 larger share of 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 industrial projects continue to grow. Outside the city, non-residential investment levels have begun to increase after declining on slowing commercial and industrial building investments.
Statistics Canada. Table 34-10-0286-01 Investment in building construction
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