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January 24, 2023HOUSEHOLD INCOME AND CONSUMPTION, Q3 2022 Household Income
In addition to compensation of employees, household income also includes net mixed income (generated from unincorporated businesses), property income received (generated as the result of ownership of assets) and current transfers received (generally from government).
In Q3 2022, Nova Scotia's household income was $13.14 billion or $28,114 per household. Nova Scotia's income per household amounted to 77.8% of the national average per household and was the lowest among provinces. The highest income per household was in Alberta.
From Q3 2021 to Q3 2022, Nova Scotia's overall household income increased 4.4% (the number of households grew at a faster pace, so income per household contracted). National household income growth was 7.9% with the fastest growth in Ontario, Prince Edward Island,Manitoba and British Columbia. All ten provinces reported rising household income. Newfoundland and Labrador reported the slowest household income growth among provinces.
In the first three quarters of 2022, Nova Scotia's household income increased by 3.5% compared with the same period in 2021.
Nova Scotia's employee compensation was $7.31 billion in Q3 2022 or $15,645 per household (73.1% of the national average per household). Across Canada, employee compensation per household was $21,402. Alberta reported the highest employee compensation per household and Prince Edward Island the lowest.
Nova Scotia's overall employee compensation was up 6.4% from Q3 2021 to Q3 2022. National employee compensation increased 9.0%.
Nova Scotia's employee compensation grew by 7.1% on average comparing the first three quarters of 2022 with the same period in 2021.
Net mixed income generated by unincorporated businesses amounted to $1.68 billion or $3,586 per household (80.8% of the national average per household). Across Canada, average per household net mixed income was $4,438 with the highest values in British Columbia and the lowest in Newfoundland and Labrador.
From Q3 2021 to Q3 2022, Nova Scotia's net mixed income grew by 10.4% (17.9% nationally).
Through the first three quarters of 2022, Nova Scotia's net mixed income was up 6.9% compared with the same months of 2021.
Nova Scotia property income received in Q3 2022 was $1.33 billion or $2,845 per household (76.2% of the national average). National property income per household was $3,736 with the highest values in Alberta and the lowest values in Newfoundland and Labrador.
From Q3 2021 to Q3 2022, property income receipts increased by 12.3% in Nova Scotia - slightly slower than the national pace of 13.5%.
On a year-to-date basis, Nova Scotia's property income receipts grew 11.2% comparing January to September 2022 with the same months in 2021.
As many COVID-related support programs have been withdrawn, current transfers received in Nova Scotia were down to $2.82 billion or $6,038 per household in Q3 2022. Current transfers received in Nova Scotia were 92.3% of the national average per household ($6,543). Transfers per household were highest in Newfoundland and Labrador and lowest in British Columbia.
Compared with Q3 2021, the most recent quarterly transfer income received in Nova Scotia was down 6.2% (-3.6% nationally).
Year-to-date transfers received in Nova Scotia were down 8.8% compared with the first three quarters of 2021.
Household Consumer Expenditures
Nova Scotia's final consumer expenditures (paid for private by households) amounted to $9.40 billion in Q3 2022. This was $20,113 per household (86.8% of the national average per household). Across Canada, final consumer expenditures per household were $23,176 with the highest value in Alberta and the lowest in Prince Edward Island.
Between Q3 2021 and Q3 2022, final consumer expenditures increased by 3.9% (8.7% nationally), which includes the effects of price increases over this period.
On average over the first three quarters of 2022, Nova Scotia's household final consumer expenditures were up 6.2% over the same period in 2021.
Social transfers in kind refer to services that are provided for the benefit of households but are paid for by governments and non-profits. These are primarily health and education expenditures, which add to private expenditures made on these services.
In Q3 2022, Nova Scotian households received $2.88 billion worth of social transfers in kind. This amounted to $6,167 per household (97.9% of the national average per household). Across Canada, social transfers in kind were $6,301 per household with the highest values in Manitoba and the lowest values in New Brunswick.
Between Q3 2021 and Q3 2022, the value of social transfers in kind in Nova Scotia increased by 9.4% while there was a 4.8% increase nationally.
In the first three quarters of 2022 (compared with the first three quarters of 2021), Nova Scotia's social transfers in kind were up 3.7%.
The sum of household final consumer expenditures and social transfers in kind is termed 'household actual final consumption expenditures', which reflects the benefits to households from both private expenditures as well as services provided by governments and non-profits.
Nova Scotia's household actual final consumption expenditures in Q3 2022 were $12.28 billion or $26,280 per household (89.2% of the national average per household). National household actual final consumption expenditures were $29,477 per capita with the highest value in Alberta and the lowest value in Prince Edward Island.
From Q3 2021 to Q3 2022, household actual final consumption expenditures increased by 5.1% in Nova Scotia (7.8% nationally).
Year-to-date actual final consumption was up 5.6% in Nova Scotia.
Household net savings (which includes changes in pension entitlements) increased during the pandemic. These effects appear to have been temporary and savings are returning to prior trends. After saving an average of -$27 per household in Q3 2021, Nova Scotia's net savings per household were -$446 in Q3 2022. Prince Edward Island, Quebec and British Columbia reported increasing net household savings in Q3 2022 (compared with Q3 2021).
Among the categories of actual final consumption expenditures, growth in per household spending was fastest for food/accommodation services and social transfers in education comparing Q3 2022 with Q3 2021. Average per household expenditures were down for several categories, with the largest declines in alcoholic beverages/tobacco and finance/insurance.
Over the first three quarters of 2022, total expenditures (not per household) were up most for food/acccommodation services and clothing/footwear. Expenditures were down the most for alcoholic beverages/tobacco.
Source: Statistics Canada. Table 36-10-0663-01 Distributions of household economic accounts, income, consumption and saving, Canada, provinces and territories, quarterly (x 1,000,000)
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