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September 03, 2015RESIDENTIAL CONSTRUCTION INVESTMENT 2ND QUARTER 2015 Residential construction (unadjusted for seasonality) in Nova Scotia for the second quarter 2015 was $542.9 million, 6.3 per cent higher than the 2nd quarter in 2014. New dwellings construction increased by 22.0 per cent (+$27.3 million) due to an increase in apartments (+$31.3 million, +107.6%) while singles were up 0.8 per cent (+$0.6 million). Renovations, the largest share of construction investment , was up 2.3 per cent or $7.8 million compared to 2nd quarter of last year.
On a year-to-date (Jan-June 2015 vs. Jan-June 2014), residential construction increased 8.5 per cent (+$84.8 million) in Nova Scotia with increasing apartment (+65.4%) and renovation activity (+6.0%). Single unit construction increased 6.3 per cent (+$10.4 million) compared to the first half of 2014.
Residential investment in Canada was up 4.0 per cent in Q2 2015 compared to Q2 2014, the sixth consecutive quarter of year over year growth. Rising renovation spending, apartment/condominiums, and acquisition costs were responsible for most of the increase. On a year-to-date basis, construction investment is up 6.2 per cent in Canada led by Prince Edward Island (+60.3%), Ontario (10.9%), and British Columbia (+10.5%).
Statistics Canada, CANSIM table 026-0013
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