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September 01, 2017RESIDENTIAL CONSTRUCTION INVESTMENT 2ND QUARTER 2017 During the second quarter of 2017, Statistics Canada estimates there was $600.5 million (unadjusted for seasonality) of residential investment in Nova Scotia. This was 12.9 per cent higher than in the second quarter of 2016 and follows growth of 11.0 per cent and 17.4 per cent in the two previous quarter. Compared to Q2 2016, new dwelling activity increased 26.6 per cent with growth in singles (+10.1%) and apartments (+60.3%). Total acquisition costs were up 8.9 per cent compared to Q2 2016. Renovation activity, the largest component of residential investment increased 2.2 per cent.
Comparing the first half of 2017 with the first half of 2016, Nova Scotia residential investment increased 12.0 per cent or $124.9 million. Singles grew 22.0 per cent (+$38.7 million), apartments were up 30.3% (+$38.8 million), doubles were up 25.2% (+$4.7 million) while row style housing was down 24.2% (-$2.6 million). Increases also occurred with acquisition costs (+23.5%), renovations (+2.0%), conversions (+382.4%) and mobiles (+74.0%).
Residential construction investment rose 7.7 per cent in Canada comparing Q2 2017 with Q2 2016. The largest percentage growth occurring in Prince Edward Island and Manitoba. Investment was higher in every component except cottages with renovations increasing 6.6 per cent and accounting for almost 40 per cent of the growth compared to last year.
On a year-to-date basis (2017 H1 vs. 2016 H1), residential construction increased 7.5 per cent in Canada. Increases in Prince Edward Island (+25.3%), Manitoba (+17.0%) and Nova Scotia (+12.0%) were faster than the other provinces. Two provinces, Newfoundland and Labrador (-10.8%) and New Brunswick (-0.9%), have seen decreases in residential construction.
Total construction (sum of residential and non-residential building investment) has increased 5.1 per cent in Canada and 4.9 per cent in Nova Scotia comparing first half of 2017 with first half of 2016. Prince Edward Island (+25.1%) and Manitoba (+18.7%) have seen the fastest growth. Three provinces: Newfoundland and Labrador (-16.9%), Saskatchewan (-4.8%) and Alberta (-1.8%) have seen declines in building activity.
Statistics Canada, CANSIM table 026-0013
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