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May 21, 2019INVESTMENT IN BUILDING CONSTRUCTION, MARCH 2019 Total residential and non-residential construction
Investment in Nova Scotia building construction increased 8.6 per cent in March (seasonally adjusted) compared to February 2019. Halifax monthly building construction was up 1.9 per cent per cent. Nationally, investment in building construction declined 1.2 per cent in March. Nova Scotia reported the strongest monthly gain while Newfoundland and Labrador (-7.3 per cent) reported the largest monthly decline.
In the first quarter of 2019, building construction investment was up 11.9 per cent in Nova Scotia. Halifax construction activity was up 9.8 per cent. National building construction investment declined 2.3 per cent with four provinces reporting growth over the first quarter of 2018. The fastest growth was reported in Prince Edward Island (+17.5 per cent) followed by Nova Scotia, while the largest declines were reported in Manitoba (-19.2 per cent) and Newfoundland and Labrador (-19.1 per cent).
Total Nova Scotia building construction investment reached $314 million in March. In recent years, Halifax has accounted for a rising share of construction activity in the province, particularly for residential investment. Halifax building construction totaled $170 million in March, while there was $145 million in building construction outside the city.
Residential construction
In March 2019, residential construction was up 10.4 per cent in Nova Scotia (seasonally adjusted) compared to February, reaching a level of $262 million. Halifax residential construction was up 2.9 per cent to $143 million.
National residential construction declined 2.0 per cent month-to-month. All provinces except Nova Scotia and Ontario (+1.3 per cent) reported declines in residential construction investment in March. Newfoundland and Labrador reported the largest monthly decline (-14.8 per cent).
In the first quarter of 2019, residential construction investment was up 15.4 per cent in Nova Scotia. Halifax's residential construction was up 17.1 per cent compared to Q1 2018.
National residential construction was down 5.5 per cent in the first quarter of 2019. Four provinces reported growth for the period, with Nova Scotia and Prince Edward Island (+16.0 per cent) reporting the faster growth. Newfoundland and Labrador reported the largest decline over Q1 2018 (-38.4 per cent).
Investment in renovations and new construction for multiples accounts for the rise in residential construction activity observed in the first quarter of 2019 (unadjusted) in Nova Scotia. New construction is down for single dwelling units. Other residential construction activity (such as conversions) is up significantly in percentage terms, but has contributed less than other residential sectors to the overall rise in residential building expenditures so far this year.
Non-residential construction
In March, Non-residential building construction rose 0.4 per cent to $52 million in Nova Scotia (seasonally adjusted). Non-residential construction was down 2.8 per cent in Halifax, falling to $27 million.
National non-residential building construction rose 0.5 per cent in March. Seven provinces reported monthly gains, with the fastest growth reported in Prince Edward Island (+5.2 per cent). Alberta (-1.7 per cent) reported the largest monthly decline.
Year-to-date, Nova Scotia's non-residential construction is down 1.9 per cent compared to the first quarter of 2018. Halifax's non-residential construction declined 16.6 per cent year-to-date.
National non-residential construction investment rose 4.9 per cent. The fastest growth was reported in Newfoundland and Labrador (+41.2 per cent) and British Columbia (+28.2 per cent). The fastest declines were reported in Ontario (-6.4 per cent) and Saskatchewan (-4.3 per cent).
In Nova Scotia, year-to-date non-residential building construction declines are concentrated in both commercial and institutional/government projects in Halifax. Non-residential construction is up outside the city on gains in industrial, commercial and institutional/government expenditures.
Statistics Canada. Table 34-10-0175-01 Investment in Building Construction
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