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September 13, 2022BUILDING CONSTRUCTION, JULY 2022 Month-over-month (July 2022 vs June 2022, seasonally adjusted)
Investment in Nova Scotia building construction increased 1.0% in July 2022 to $514.2 million. Halifax monthly building construction increased 0.5% to $298.5 million while outside of Halifax building construction increased 1.6% to $215.7 million. Nationally, investment in building construction increased 0.8%. Monthly building construction was up in six provinces with Newfoundland and Labrador and British Columbia posting the largest gains. Prince Edward Island and New Brunswick reported the largest declines.
Nova Scotia's July 2022 residential construction investment in Nova Scotia increased 1.3% to $445.5 million. Halifax residential construction was up 0.8% to $256.3 million. Outside of Halifax residential construction was up 2.1% to $189.2 million. National residential construction was up 1.0% as six provinces reported higher residential construction investment. The largest increases were in Newfoundland and Labrador and British Columbia. The largest decreases were in Prince Edward Island and New Brunswick.
Nova Scotia's non-residential building construction decreased 1.4% to $68.7 million. In Halifax, non-residential construction was down 1.3% to $42.2 million. Outside of Halifax, non-residential construction was down 1.6% to $26.5 million. National non-residential building construction edged up 0.1% in July 2022.Four provinces reported increases, with the largest increase in Saskatchewan. The largest decline was reported in Newfoundland and Labrador.
Year-to-date (January-July 2022 vs January-July 2021)
Compared to January-July 2021, building construction investment was up 39.0% in Nova Scotia. Halifax construction activity was up 59.7% and outside of Halifax construction activity was up 20.7%. National building construction investment was up 10.9% with eight provinces reporting increases. Nova Scotia reported the largest increase in building construction investment from January-July 2021 to January-July 2022. The declines were reported in Prince Edward Island and Newfoundland and Labrador.
Year-to-date residential construction investment was up 39.8% in Nova Scotia. Halifax's year-to-date residential construction was up 56.3%. Outside of Halifax, residential construction was up 24.9% year-to-date. National residential construction was up 9.8%. Nine provinces reported higher residential construction investment over January-July 2021. The largest increase was reported in Nova Scotia while Prince Edward Island reported the only decline.
New construction of both singles and multiplies along with higher renovation activity have contributed to residential building construction growth over the first seven months of 2022. Growth in each component has been stronger in Halifax than outside Halifax.
Nova Scotia's non-residential construction was up 34.2% year-to-date. Halifax's non-residential construction rose 82.3%. Outside of Halifax, non-residential construction was down 2.6%. National non-residential construction investment increased 14.1% compared to January-July 2021. Six provinces reported increases, with the largest increases in Quebec and Nova Scotia. The largest declines were reported in Prince Edward Island and Newfoundland and Labrador.
The year-to-date increase in Nova Scotia non-residential building construction was mostly due to higher investment in commercial and industrial projects in Halifax.
Trends
Total Nova Scotia building construction investment was $514.2 million in July 2022. Halifax building construction totaled $298.5 million while outside of Halifax building construction was $215.7 million. Since the fall of 2021, Nova Scotia building construction had been increasing, largely because of rising residential and non-residential construction in Halifax as well as an increase in residential construction outside the city.
Statistics Canada. Table 34-10-0175-01 Investment in Building Construction
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