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July 14, 2022BUILDING CONSTRUCTION, MAY 2022 Month-over-month (May 2022 vs April 2022, seasonally adjusted)
Investment in Nova Scotia building construction increased 2.0% in May 2022 (seasonally adjusted) to $480.8 million. Halifax monthly building construction increased 3.5% to $246.5 million while outside of Halifax building construction increased 0.6% to $234.3 million. Nationally, investment in building construction decreased 0.2%. Monthly building construction was up in five provinces with Saskatchewan and Quebec posting the largest gains. Newfoundland and Labrador and Manitoba reported the largest declines.
Nova Scotia's April 2022 residential construction investment in Nova Scotia increased 2.0% to $410.6 million. Halifax residential construction was up 3.3% to $205.0 million. Outside of Halifax residential construction was up 0.7% to $205.6 million. National residential construction edged up 0.1% as five provinces reported higher residential construction investment. The largest increase was reported in Saskatchewan while Manitoba reported the largest decline.
Nova Scotia's non-residential building construction increased 2.5% to $70.2 million (seasonally adjusted). In Halifax, non-residential construction was up 4.5% to $41.5 million. Outside of Halifax, non-residential construction edged down 0.1% to $28.6 million. National non-residential building construction was down 0.9% in May 2022. Eight provinces reported increases, with the largest increase in New Brunswick. The largest decline was reported in Newfoundland and Labrador.
Year-to-date (January-May 2022 vs January-May 2021)
Compared to January-May 2021, building construction investment was up 35.0% in Nova Scotia. Halifax construction activity was up 41.2% and outside of Halifax construction activity was up 29.0%. National building construction investment was up 9.9% with seven provinces reporting increases. Nova Scotia reported the largest increases in building construction investment from January-May 2021 to January-May 2022. The largest decline was reported in Prince Edward Island.
Year-to-date residential construction investment was up 35.3% in Nova Scotia. Halifax's year-to-date residential construction was up 36.4%. Outside of Halifax, residential construction was up 34.2% year-to-date. National residential construction was up 8.6%. Eight provinces reported higher residential construction investment over January-May 2021. The largest increases were reported in Nova Scotia while Saskatchewan reported the largest decline.
Higher renovations was the largest factor in the year-to-date increase in residential construction. New construction was also up both for singles and multiple dwelling units across the province.
Nova Scotia's non-residential construction was up 33.3% year-to-date. Halifax's non-residential construction rose 74.6%. Outside of Halifax, non-residential construction was up 1.0%. National non-residential construction investment increased 13.9% compared to January-May 2021. Six provinces reported increases, with the largest increases in Quebec and Nova Scotia. The largest declines were reported in Prince Edward Island and Newfoundland and Labrador.
The year-to-date increase in Nova Scotia non-residential building construction was mostly due to higher investment in commercial and industrial projects in Halifax. The increase was partially offset by lower commercial investment outside of Halifax.
Trends
Total Nova Scotia building construction investment was $480.8 million in May 2022. Halifax building construction totaled $246.5 million while outside of Halifax building construction was $234.3 million. Since the fall of 2021, Nova Scotia building construction had been increasing, largely because of rising residential and non-residential construction in Halifax as well as a substantial rise in residential construction outside the city.
Statistics Canada. Table 34-10-0175-01 Investment in Building Construction
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