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April 19, 2024BUILDING CONSTRUCTION, FEBRUARY 2024 Monthly (February 2024 vs January 2024, seasonally adjusted)
Investment in Nova Scotia building construction increased 2.6% in February 2024 to $515.5 million. Halifax monthly building construction rose 12.8% to $262.5 million and outside of Halifax building construction was down 6.2% to $253.0 million. Nationally, investment in building construction decreased 1.1% with gains in 6 of 10 provinces. The largest increase was in Newfoundland and Labrador. Prince Edward Island reported the largest decline.
Nova Scotia's February 2024 residential construction investment grew 2.8% to $425.3 million. Halifax residential construction was up 16.7% to $208.0 million. Outside of Halifax residential construction was down 7.7% to $217.3 million. National residential construction was down 1.2% with increases in 6 of 10 provinces. Newfoundland and Labrador had the largest increase while Prince Edward Island had the largest decline.
Nova Scotia's non-residential building construction increased 1.5% to $90.2 million. In Halifax, non-residential construction was down 0.1% to $54.5 million. Outside of Halifax, non-residential construction was up 4.0% to $35.8 million. National non-residential building construction fell 0.9% in February 2024 with gains in four provinces, led by Manitoba and Prince Edward Island. Newfoundland and Labrador reported the largest decline while New Brunswick and British Columbia were unchanged.
Year-to-date (January-February 2024 vs January-February 2023)
Compared to January-February 2023, building construction investment was up 23.9% in Nova Scotia. Halifax construction activity was up 25.1% and outside of Halifax construction activity was up 22.8%. National building construction investment was down 1.4%, with gains in six provinces, led by Prince Edward Island. Newfoundland and Labrador reported the largest decline.
Residential construction investment was up 21.7% in Nova Scotia compared to January-February 2023. Halifax's residential construction was up 23.8% and outside of Halifax residential construction was up 20.0%. National residential construction was down 3.3% with gains in six provinces, led by Prince Edward Island. The largest decrease was in Newfoundland and Labrador.
Nova Scotia's non-residential construction was up 35.5% compared to January-February 2023. Halifax's non-residential construction rose 30.3% while outside of Halifax, non-residential construction was up 44.5%. National non-residential construction investment increased 3.1% compared to January-February 2023. Seven provinces reported increases, with the largest increase in Nova Scotia. The only declines were reported in Newfoundland and Labrador, Prince Edward Island, and Quebec.
Nova Scotia's total building construction investment increased from $821 million in January-February 2023 to $1.02 billion in January-February 2024. Residential investment as well as non-residential investment were up across the province.
Across the province construction investment was up for both single dwelling units as well as multiple dwelling unit structures.
Non-residential building construction investment was up in all categories of non-residential construction: commercial, industrial, and institutional/government.
Trends
Building construction has trended up over recent years, particularly from rising residential investment. Residential investment (and therefore total investment) exhibits peaks and troughs around a rising trend. Non-residential investment has been on a more gradual increasing trend, primarily from investments in Halifax.
In Halifax, residential construction investment was trending up for both single and multi-unit dwellings until mid 2022 when both started to decline. However, in recent months, single unit construction has been on a declining trend and multiple unit construction has been rising. Outside the city, growth in single dwelling unit construction is stronger than in multi-unit structures.
Non-residential building construction has lower values than residential construction. Halifax commercial building construction had been on increasing trend since the end of 2021 and reached at its peak in recent months. Industrial and government/institutional construction have been increasing in Halifax. In recent months, there has been growth in commercial, industrial, and government/institutional building construction outside the city.
Statistics Canada. Table 34-10-0286-01 Investment in building construction
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