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August 21, 2019INVESTMENT IN BUILDING CONSTRUCTION, JUNE 2019 Total residential and non-residential construction
Investment in Nova Scotia building construction declined 6.1 per cent in June (seasonally adjusted) compared to May 2019. This is the third consecutive monthly decline for Nova Scotia. Halifax monthly building construction was down 6.9 per cent in June.
Nationally, investment in building construction declined 0.9 per cent in June. Prince Edward Island and New Brunswick reported the strongest monthly gains while Manitoba and Newfoundland and Labrador reported the largest monthly declines.
In the first six months of 2019, building construction investment was up 11.2 per cent in Nova Scotia. Halifax construction activity was up 8.2 per cent. National building construction investment edged up 0.1 per cent with four provinces reporting growth over January-June 2018. The fastest growth was reported in Prince Edward Island (+21.8 per cent) followed by British Columbia (+15.6 per cent) and Nova Scotia. The largest declines over this period were reported in Newfoundland and Labrador (-18.3 per cent) and Alberta (-15.3 per cent).
Total Nova Scotia building construction investment was $259 million in June. In recent years, Halifax has accounted for a rising share of construction activity in the province, particularly for residential investment. Halifax building construction totaled $152 million in June, while there was $107 million in building construction outside of Halifax.
Residential construction
In June 2019, residential construction investment (seasonally adjusted) in Nova Scotia declined 7.9 per cent to $208 million. Halifax residential construction was down 7.8 per cent to $128 million.
National residential construction declined 1.8 per cent month-to-month. Five provinces reported higher residential construction investment in June. The fastest gain was in Prince Edward Island (+11.2 per cent), while the largest decline was in Manitoba (-14.3 per cent).
Year-to-date, residential construction investment was up 15.1 per cent in Nova Scotia. Halifax's residential construction was up 15.8 per cent compared to January-June 2018.
National residential construction was down 2.1 per cent in the first six months of 2019. Four provinces reported growth for the period, with Prince Edward Island (+20.5 per cent) and Nova Scotia reporting the fastest growth. Newfoundland and Labrador reported the largest decline over the same period in 2018 (-37.9 per cent).
Investment in renovations and new construction for multiples accounts for the rise in residential construction activity (unadjusted) observed in the first six months of 2019 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 activities to the overall rise in residential building expenditures so far this year.
Non-residential construction
In June, non-residential building construction rose 2.2 per cent to $51 million in Nova Scotia (seasonally adjusted). Non-residential construction was down 1.6 per cent in Halifax, falling to $24 million.
National non-residential building construction rose 1.0 per cent in June. Seven provinces reported monthly gains, with the fastest growth reported in Manitoba (+4.1 per cent) and British Columbia (+3.7 per cent). Prince Edward Island (-6.6 per cent) reported the largest monthly decline.
Year-to-date, Nova Scotia's non-residential construction is down 4.1 per cent compared to the first six months of 2018. Halifax's non-residential construction is down 20.1 per cent year-to-date.
National non-residential construction investment rose 5.1 per cent. The fastest growth was reported in Newfoundland and Labrador (+40.1 per cent), British Columbia (+30.9 per cent) and Prince Edward Island (+26.7 per cent). The fastest declines were reported in Ontario (-6.6 per cent) followed by Nova Scotia.
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 of Halifax on gains in industrial, commercial and institutional/government expenditures.
Source: Statistics Canada. Table 34-10-0175-01 Investment in Building Construction
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