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February 22, 2019INVESTMENT IN BUILDING CONSTRUCTION, DECEMBER AND ANNUAL 2018 Total residential and non-residential construction
Investment in Nova Scotia building construction increased 6.2 per cent in December (seasonally adjusted) compared to November. Halifax monthly building construction rose 6.3 per cent. Nationally, investment in building construction rose 0.2 per cent in December. Newfoundland and Labrador reported the strongest monthly gain while Manitoba reported the largest decline.
In 2018, building construction investment (unadjusted annual total) was up 1.4 per cent in Nova Scotia compared to 2017. Halifax construction activity was up 6.5 per cent. National building construction investment was rose 2.5 per cent over 2017 with the fastest growth in British Columbia and Quebec. The largest declines were reported in Saskatchewan and Alberta.
Total Nova Scotia building construction investment was $299 million in December. In recent years, Halifax has accounted for a rising share of construction activity in the province. After reporting about 51 per cent of total construction activity in 2016, Halifax's share of building construction activity has risen to 59 per cent of the total in 2018.
Residential activity accounts for most of the trend in monthly building construction investment, accounting for 82 per cent of the December total. Non-residential construction activity makes up a much smaller share of the total.
In 2018, both residential and non-residential construction investment rose in Nova Scotia. Rising residential construction in Halifax offset the decline outside of the city.
Residential construction
Monthly residential construction was up 8.0 per cent in Nova Scotia (seasonally adjusted) in December compared to November. National residential construction rose 0.6 per cent over November. Newfoundland and Labrador reported the fastest monthly growth while Manitoba reported the largest monthly decline.
Annual residential construction investment (unadjusted total) rose 0.6 per cent in Nova Scotia in 2018. Halifax's residential construction was up 7.1 per cent while investment in the rest of the province declined 7.6 per cent. National residential construction was up 0.3 per cent with the largest gains in British Columbia. The largest declines were reported in Newfoundland and Labrador and Alberta.
Investment in renovations tends to represent the largest share of residential construction investment in Nova Scotia. In 2018, renovation investment is down 0.6 per cent in Nova Scotia due to declining renovations in singles across the province. New housing construction investment was down 1.4 per cent in 2018 as declines in apartment construction in Halifax and singles outside of the city offset rising construction in other categories.
Non-residential construction
Non-residential building construction declined by 1.1 per cent in Nova Scotia in December (seasonally adjusted). National non-residential building construction declined 0.7 per cent compared to November. British Columbia reported the largest monthly increase while New Brunswick reported the largest monthly decline.
In 2018, Nova Scotia's non-residential construction (unadjusted annual total) increased by 5.0 per cent compared to 2017. Halifax's non-residential construction grew by 4.3 per cent in 2018. National non-residential construction investment was up 7.6 per cent, with the fastest gain in Newfoundland and Labrador and the only decline reported in Saskatchewan.
In 2018, the increase in non-residential investment is due to rising investment in the Halifax commercial sector and industrial investment outside of Halifax, more than offsetting declines in institutional/government investment.
RECENT YEARS
Following a strong year in 2017, annual building investment growth slowed in Nova Scotia in 2018. This was true of building investment in several provinces except British Columbia (where investment accelerated over 2017), while investment declined in Newfoundland and Labrador, New Brunswick, Saskatchewan and Alberta compared to the previous year. Trends in building construction investment largely reflect outcomes in residential building construction.
Annual growth in non-residential building construction slowed in 2018 in Nova Scotia, New Brunswick and Ontario, while it accelerated in Newfoundland and Labrador and British Columbia. Non-residential investment picked up in Prince Edward Island and Quebec, and became positive in Manitoba and Alberta after declining in 2017. Non-residential building investment contracted for the second year in a row in Saskatchewan.
Statistics Canada. Table 34-10-0175-01 Investment in Building Construction
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