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August 30, 2024NON-RESIDENTIAL FIXED CAPITAL INVESTMENT, Q2 2024 Non-residential fixed capital investment consists of expenditures made by business, governments and non-profit institutions serving households that add to the capital stock for production of goods and services in an economy. Investment that are included are buildings, engineering construction (i.e. bridge, mine structure), machinery and equipment, and intellectual property products (i.e. software, mineral exploration) but it doesn’t include non-reproducible assets (lands, mineral deposits, natural resources) or housing investment. Statistics Canada has begun to release quarterly data on non-residential fixed capital investment and stock for the provinces with historical data back to 2013. Note, the data is not seasonally adjusted and expressed in current prices.
Year-over-year (Q2 2024 vs Q2 2023)
Nova Scotia non-residential investment (all sectors, all assets, current prices) increased 17.3% from Q2 2023 to Q2 2024; this was the fastest growth rate among all provinces. Nationally non-residential investment was up 1.8% with gains in all provinces except Alberta.
Business sector investment in Nova Scotia increased 1.1%. National business non-residential investment was up 0.5% with gains in all provinces except Saskatchewan, Alberta and British Columbia. Ontario reported the fastest growth.
Government fixed capital investment increased 38.0% in Nova Scotia from Q2 2023 to Q2 2024, the largest gain among the provinces. Across Canada, government investment (which includes all orders of government) was up 5.6% with gains in all provinces. Saskatchewan reported the slowest growth.
Nova Scotia non-residential building investment was up 9.0% compared to Q2 2023, the second fastest increase among provinces. Nationally, non-residential building investment was up 5.7% with gains in all provinces. The fastest growth was in Newfoundland and Labrador and slowest in Saskatchewan.
Engineering construction investment was down 3.6% in Nova Scotia and 3.3% across Canada. All provinces reported lower investments in engineering construction with the steepest decline in Prince Edward Island. Newfoundland and Labrador, Saskatchewan, Alberta and British Columbia all reported marginally slower declines.
Machinery and equipment investment was up 45.2% in Nova Scotia, a substantially faster rise than in any other provinces. Nationally, machinery and equipment investment was up 4.1% with gains in all provinces.
Intellectual property investment was up 5.0% in Nova Scotia compared to Q2 2023. Nationally, intellectual property investment was up 5.7% with gains in all provinces led by Newfoundland and Labrador. The slowest growth was in Nova Scotia.
Nova Scotia's investments in fixed non-residential capital were larger in government investment ($1,119 million) than business investment ($1,041 million). Machinery and equipment made up the largest asset category of investment ($935 million). Investments in engineering construction ($502 million) were larger than those in non-residential buildings ($350 million) and to intellectual property ($377 million).
Growth was stronger for machinery and equipment as well as government sector investments. Engineering construction was the only asset category to report lower investments than in Q2 2023.
Year-to-date (Q1-Q2 2024 vs Q1-Q2 2023)
Nova Scotia non-residential investment (all sectors, all assets, current prices) increased 7.8% comparing the first half of 2024 with the same period in 2023. Nationally non-residential investment was up 1.0% with gains in all provinces except Alberta and Saskatchewan.
Business sector investment in Nova Scotia increased 0.3% year-to-date. National business non-residential investment edged down 0.1% despite gains in six provinces. Ontario and Québec reported the fastest gains while Alberta reported the steepest decline.
Government fixed capital investment increased 15.3% in Nova Scotia from the first half of 2023 to the first half of 2024, the largest gain among the provinces. Across Canada, government investment (which includes all orders of government) was up 4.6% with gains in all provinces. Saskatchewan reported slightly slower growth than in other provinces.
Nova Scotia non-residential building investment was up 8.9% compared to Q1-Q2 2023, the second fastest increase among provinces. Nationally, non-residential building investment was up 5.9% with gains in all provinces. The fastest growth was in Newfoundland and Labrador and slowest in Saskatchewan.
Engineering construction investment was down 4.1% in Nova Scotia and 3.6% across Canada. All provinces reported lower investments in engineering construction with the steepest decline in Prince Edward Island. Newfoundland and Labrador, Saskatchewan, Alberta and British Columbia all reported marginally slower declines.
Machinery and equipment investment was up 14.8% year-to-date in Nova Scotia, a faster rise than in any other province. Nationally, machinery and equipment investment was up 0.7% with gains in 7 provinces. Prince Edward Island reported the largest decline.
Intellectual property investment was up 5.5% in Nova Scotia compared to Q1-Q2 2023. Nationally, intellectual property investment was up 5.6% with gains in all provinces. The fastest growth was in Prince Edward Island and the slowest in Newfoundland and Labrador.
Nova Scotia's investments in fixed non-residential capital were larger in government investment ($2,285 million) than business investment ($1,979 million). Machinery and equipment made up the largest asset category of investment ($1,919 million). Investments in engineering construction ($875 million) were larger than those in non-residential buildings ($723 million) or intellectual property ($754 million).
Growth was stronger for machinery and equipment and for the government sector in Nova Scotia. Engineering construction posted the only decline.
Trends
Nova Scotia's non-residential investment has generally trended up on a year-over-year basis (except 2020). In the Q2 2024, the pace of year-over-year investment growth has accelerated.
Business sector non-residential investment trended downward over 2016 to 2020, before trending upwards over 2021-2023. However, business sector investment has stalled in Q2 2024, with little gain over the Q2 2023 value.
Government sector was mostly flat from 2014 through 2017, then trended upwards from 2017 to 2023, followed by a notable acceleration in 2024.
Non-profit institution serving households was little changed (at a low value) from 2019 through 2024.
Nova Scotia's investments in non-residential buildings declined from 2013 to 2017 and rose in 2018 and 2019. After a dip in 2020, Nova Scotia's investment in non-residential buildings recovered to its rising trend from 2021-2024.
Nova Scotia's investments in engineering construction assets have trended up since 2018, though the latest quarterly result is a decline from the same quarter a year ago.
Nova Scotia's investments in machinery and equipment assets have been notably stronger in the last year.
Nova Scotia's investments in intellectual property products has mostly trended up since 2013 with occasional spikes associated with specific offshore exploration projects.
Statistics Canada. Table 34-10-0163-01 Flows and stocks of fixed non-residential and residential capital, by sector and asset, provincial and territorial (x 1,000,000)
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