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December 14, 2022BUILDING CONSTRUCTION, OCTOBER 2022 Month-over-month (October 2022 vs September 2022, seasonally adjusted)
Investment in Nova Scotia building construction increased 3.4% in October 2022 to $479.1 million. Halifax monthly building construction increased 7.0% to $261.2 million and outside of Halifax building construction decreased 0.5% to $217.9 million. Nationally, investment in building construction edged up 0.2%. Monthly building construction was up in four provinces with Nova Scotia and Ontario posting the largest gains. Prince Edward Island and Saskatchewan reported the largest declines.
Nova Scotia's October 2022 residential construction investment increased 4.4% to $419.9 million. Halifax residential construction was up 9.0% to $223.3 million. Outside of Halifax residential construction was down 0.3% to $196.5 million. National residential construction was down 0.1% as six provinces reported lower residential construction investment. The largest decreases were in Prince Edward Island and Saskatchewan. The largest increases were in Nova Scotia and Ontario.
Nova Scotia's non-residential building construction decreased 3.2% to $59.3 million. In Halifax, non-residential construction was down 3.6% to $37.9 million. Outside of Halifax, non-residential construction was down 2.6% to $21.4 million. National non-residential building construction was up 0.9% in October 2022. Six provinces reported increases, with the largest increases in Saskatchewan and New Brunswick. The largest declines were in Prince Edward Island and Manitoba.
Year-to-date (January-October 2022 vs January-October 2021)
Compared to January-October 2021, building construction investment was up 35.9% in Nova Scotia. Halifax construction activity was up 53.7% and outside of Halifax construction activity was up 19.6%. National building construction investment was up 12.2% with nine provinces reporting increases. Nova Scotia reported the largest increase in building construction investment in January-October 2022 compared to the same period last year. The only decline was reported in Prince Edward Island.
Year-to-date residential construction investment was up 37.1% in Nova Scotia. Halifax's year-to-date residential construction was up 50.7%. Outside of Halifax, residential construction was up 24.4% year-to-date. National residential construction was up 11.7% with nine provinces reporting higher residential construction investment over January-October 2022. The largest increase was reported in Nova Scotia while Prince Edward Island reported the only decline.
Nova Scotia's non-residential construction was up 28.5% year-to-date. Halifax's non-residential construction rose 73.0%. Outside of Halifax, non-residential construction was down 7.4%. National non-residential construction investment increased 13.7% compared to January-October 2021. Seven provinces reported increases, with the largest increases in Saskatchewan, Quebec, and Nova Scotia. The largest declines were reported in Prince Edward Island and Newfoundland and Labrador.
Overall building construction investment in Nova Scotia increased in the first ten months of 2022 compared with January-October 2021. This reflects an increase in all residential and non-residential construction types across the province, with the exception of institutional/government buildings and commercial buildings in outside of Halifax.
Trends
Overall building construction has been increasing, largely because of rising residential and non-residential construction in Halifax as well as an increase in residential construction outside the city. However, growth has slowed in recent months.
In Halifax, growth in residential construction for both single and multi-unit dwellings has been increasing since the mid of 2021 while in recent months both are showing declining trend. Outside the city, growth in single dwelling unit construction is stronger than in multi-unit structures.
Non-residential building construction has lower values than residential construction. Halifax commercial and industrial building construction have increasing trend since the end of 2021, however industrial construction is declining in recent months. Outside the city, non-residential construction trending down in 2022 for all three categories of non-residential building: commercial, industrial, and government/institutional.
Statistics Canada. Table 34-10-0175-01 Investment in Building Construction
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