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August 22, 2016INVESTMENT IN NEW HOUSING CONSTRUCTION, JUNE 2016
Investment in new housing construction in Nova Scotia, measured in constant 2007 dollars, increased by 4.2 per cent in June 2016 compared June 2015 to $48.0 million. Investment in new single-detached units increased by 33.5 per cent or $6.9 million, which was partially offset by investment in apartment units decreased by 27.2 per cent or $6.0 million. Invesment in double and row units increased as well. In Canada, new housing investment grew by 4.8 percent over the same period.
Comparing Jan-Jun 2016 to Jan-Jun 2015, new housing construction investment in Nova Scotia rose by 7.0 per cent, with the largest increases in apartment units (+14.1 per cent, +$13.6 million), double units (+26.5 per cent, +$3.3 million), and single units (+1.4 per cent, +$1.9 million). In Canada, new housing construction investment rose 4.3 per cent over the same time period.
Historically, Nova Scotia investment in new housing construction declined from late 2012 to mid-2014, reaching a monthly minimum in May of 2014 at $32.3 million (note that May is typically a low month in the seasonal cycle for new housing construction). Investment was generally on the rise since then. Investment in single-detached housing construction has generally declined over the past decade, while multiple unit construction surged periodically since 2011, at times displacing single housing as the largest component of new residential investment. The shift to multiple unit construction is consistent with national trends, though the decline in investment in single unit housing is more pronounced in Nova Scotia.
Looking across the country, five provinces saw increases in new housing construction investment in Jan-Jun 2016 compared to Jan-Jun 2015, led by Ontario and British Columbia. Five provinces saw declining investment, with the largest drops in Alberta, Saskatchewan, and Newfoundland and Labrador.
Statistics Canada CANSIM 026-0017