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December 02, 2016RESIDENTIAL CONSTRUCTION INVESTMENT 3RD QUARTER 2016 During the third quarter of 2016, Statistics Canada estimates there was $533.5 million (unadjusted for seasonality) of residential construction in Nova Scotia. This was 18.0 per cent lower than in the third quarter of 2015 and is the second consecutive quarter with lower construction spending when compared to a year earlier. Spending in the quarter was lower on renovations (-26.0%) and apartments (-43.0%) but higher for singles (+22.4%) compared to last year.
Comparing the first three quarters of 2016 with the same period in 2015, residential investment is down 11.2 per cent in Nova Scotia, totaling $1.48 billion. New dwelling construction is down 0.6 per cent or $3.3 million and renovations has declined 18.6 per cent. Acquisition costs are down 8.5 per cent over the first three quarters of the year.
Renovations are the largest share (54.6 per cent) of construction investment at $809.9 million over the first three quarters of 2016. Singles ($288.2 million) make up 19.4 per cent of activity and apartments accounted for 12.7 per cent or $188.4 million.
Residential construction investment declined in five provinces comparing Q3 2016 with Q3 2015. The largest declines were in Prince Edward Island, Nova Scotia and Alberta. Canada residential construction investment was up 2.8 per cent compared to Q3 2015 with 11 consecutive quarters of year-over-year growth. Ontario and British Columbia reported the largest gains with gains with higher investments in single-family dwellings and apartments.
Statistics Canada, CANSIM table 026-0013