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October 22, 2018INVESTMENT IN NEW HOUSING CONSTRUCTION, AUGUST 2018 
Nova Scotia's new housing construction investment increased 8.6 per cent from August 2017, reaching $84.5 million in August 2018 (current dollars, unadjusted for seasonality). Investment in new single-detached units increased 8.2 per cent to $43.0 million, while investment in apartment units was up 7.7 per cent to $35.0 million. Among relatively smaller segments of new housing construction, investment in semi-detached structures increased 12.6 per cent to $4.1 million and row housing construction grew by 26.7 per cent to $2.4 million.
In Canada, new housing investment declined by 2.2 per cent over August 2017 to $5.1 billion. This was the first year over year decline since May 2014.
Year-to-date, Nova Scotia's total new housing construction was up $37.6 million or 6.7 per cent compared to total investment in the first eight months of 2017. Singles were up $39.1 million, and apartments were down $12.0 million. Semi-detached unit spending was up $2.5 million and row housing expenditures increased $7.9 million.
Across Canada, year-to-date investment in new housing construction is up $2.3 billion, with the gains concentrated in apartments while investment in single dwelling units declined.
The composition of Nova Scotia's housing construction has changed in recent years. The pace of single dwelling construction slowed in 2013 while apartment investment continued to grow. Total construction was down in both categories for 2014, followed by a rebound in apartment construction in 2015. Apartment construction declined through 2016 and rose through 2017. Single dwelling construction rebounded in 2016-2018 but have yet to match the levels of investment observed in 2012 and 2013.
The trend in Nova Scotia's housing construction (year-over-year growth for each month) shows the extent of slowing investments in 2013 and 2014. There were sizable rebounds in 2015 and 2017. So far in 2018, Nova Scotia's investment in new housing construction has continued to grow but at a slower pace than 2017.
Looking across the country, five provinces reported rising new housing investment in August 2018 compared to August 2017. The fastest growth was reported in Prince Edward Island, followed by Nova Scotia and British Columbia. New housing investment declined in five provinces, with the largest decline reported in Saskatchewan. The largest dollar declines occurred in Ontario (-$121.1 million), Alberta (-$56.9 million) and Saskatchewan (-$38.2 million) on lower single home investment.
On a year-to-date basis, new housing investment is up in all provinces except Saskatchewan. In percentage terms, gains were strongest in Prince Edward Island, followed by Quebec and New Brunswick.
Statistics Canada. Table 34-10-0012-01 Investment in new housing construction, by type of dwellings (x 1,000)
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