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March 02, 2018RESIDENTIAL CONSTRUCTION INVESTMENT 4TH QUARTER 2017 & ANNUAL During the fourth quarter of 2017, Statistics Canada estimates there was $700.0 million (unadjusted for seasonality) of residential investment in Nova Scotia. This was 2.9 per cent higher than in the fourth quarter of 2016 and follows growth of 9.2 per cent and 11.2 per cent in the two previous quarters. Compared to Q4 2016, new dwelling activity decreased 0.5 per cent with decline in singles (-10.0%) but a rise in apartments (+19.9.0%). Total acquisition costs were down 13.6 per cent compared to Q4 2016. Renovation activity, the largest component of residential investment increased 6.5 per cent.
Comparing the total for 2017 with 2016, Nova Scotia residential investment increased 8.9 per cent or $213.3 million and follows on growth of 6.0 per cent in 2016 and 6.5 per cent in 2015. Singles grew 8.1 per cent (+$32.7 million), apartments were up 33.2% (+$84.6 million), doubles were up 9.1% (+$3.8 million) while row style housing was down 14.9% (-$3.4 million). Increases also occurred with acquisition costs (+8.5%), renovations (+4.7%), conversions (+59.3%) and mobiles (+20.0%).
Residential construction investment rose 9.2 per cent in Canada comparing Q4 2017 with Q4 2016. The largest percentage growth occurred in Prince Edward Island and Quebec. Investment was higher in every component, except cottages and mobiles, in Canada led by renovations (+6.4%). Residential investment was lower in Newfoundland and Labrador (-2.0%) and Saskatchewan (-3.6%).
For 2017, residential investment increased 8.6 per cent. Increases in Prince Edward Island (+32.8%), Manitoba (+14.3%), Ontario (+10.4%) and Quebec (+10.1%) were the fastest. Newfoundland and Labrador and Saskatchewan reported declines for the year.
Total construction (sum of residential and non-residential building investment) has increased 6.6 per cent in Canada and 5.6 per cent in Nova Scotia for 2017. Prince Edward Island (+27.0%) and New Brunswick (+14.6%) have seen the fastest growth. Three provinces: Newfoundland and Labrador (-7.7%), Saskatchewan (-5.6%) and Alberta (-0.6%) have seen declines in activity.
Statistics Canada, CANSIM table 026-0013
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