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June 02, 2017RESIDENTIAL CONSTRUCTION INVESTMENT 1ST QUARTER 2017 Statistics Canada has released data on residential construction investment for Q1 2017 along with revisions 2016. Nova Scotia residential investment growth for 2016 was revised down 0.1 percentage points to 2.5 per cent.
During the first quarter of 2017, Statistics Canada estimates there was $546.0 million (unadjusted for seasonality) of residential investment in Nova Scotia. This was 7.2 per cent higher than in the first quarter of 2016 and follows growth of 17.4 per cent the previous quarter . Compared to Q1 2016, new dwelling activity increased 21.1 per cent with growth in singles (+35.1%) and apartments (+3.9%). Total acquisition costs were up 74.1 per cent compared to Q1 2016. Renovation activity, the largest component of residential investment, declined 8.1 per cent
Residential construction investment rose 7.6 per cent in Canada comparing Q1 2017 with Q1 2016. The largest percentage growth occurring in Quebec and Ontario Columbia. Higher investments in single-family dwellings accounted for nearly 40 per cent of the increase with renovation work and acquisition costs also contributing. Alberta recorded its first quarterly year-over-year gains since Q2 2015 due to higher renovation spending from reconstruction of residences destroyed by 2016 wildfires.
Statistics Canada, CANSIM table 026-0013
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