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January 16, 2023BUILDING CONSTRUCTION, NOVEMBER 2022 Month-over-month (November 2022 vs October 2022, seasonally adjusted)
Investment in Nova Scotia building construction decreased 8.2% in November 2022 to $426.5 million. Halifax monthly building construction decreased 15.9% to $215.0 million and outside of Halifax building construction increased 1.1% to $211.5 million. Nationally, investment in building construction declined 1.4%. Monthly building construction was down in eight provinces with Newfoundland and Labrador and Prince Edward Island posting the largest declines. Manitoba and Ontario reported the only gains.
Nova Scotia's November 2022 residential construction investment decreased 9.7% to $366.2 million. Halifax residential construction was down 19.0% to $176.0 million. Outside of Halifax residential construction was up 1.1% to $190.2 million. National residential construction was down 2.0% as all provinces reported lower residential construction investment except Manitoba. The largest decreases were in Newfoundland and Labrador and Prince Edward Island.
Nova Scotia's non-residential building construction increased 1.5% to $60.3 million. In Halifax, non-residential construction was up 1.7% to $39.0 million. Outside of Halifax, non-residential construction was up 1.1% to $21.3 million. National non-residential building construction was up 0.2% in November 2022. Five provinces reported increases, with the largest increases in New Brunswick and Nova Scotia. The largest declines were in Prince Edward Island and Newfoundland and Labrador.
Year-to-date (January-November 2022 vs January-November 2021)
Compared to January-November 2021, building construction investment was up 32.1% in Nova Scotia. Halifax construction activity was up 47.7% and outside of Halifax construction activity was up 17.7%. National building construction investment was up 11.8% with nine provinces reporting increases. Nova Scotia reported the largest increase in building construction investment in January-November 2022 compared to the same period last year. The only decline was reported in Prince Edward Island.
Year-to-date residential construction investment was up 33.1% in Nova Scotia. Halifax's year-to-date residential construction was up 44.4%. Outside of Halifax, residential construction was up 22.4% year-to-date. National residential construction was up 11.3% with nine provinces reporting higher residential construction investment over January-November 2022. The largest increase was reported in Nova Scotia while Prince Edward Island reported the only decline.
Nova Scotia's non-residential construction was up 26.2% year-to-date. Halifax's non-residential construction rose 68.8%. Outside of Halifax, non-residential construction was down 9.1%. National non-residential construction investment increased 13.4% compared to January-November 2021. Seven provinces reported increases, with the largest increases in Saskatchewan, Quebec, and Nova Scotia. The largest declines were reported in Prince Edward Island and Newfoundland and Labrador.
Overall building construction investment in Nova Scotia increased in the first eleven months of 2022 compared with January-November 2021. This reflects an increase in all residential and non-residential construction types across the province, with the exception of institutional/government buildings and commercial buildings in outside of Halifax.
Trends
Overall building construction has been increasing, largely because of rising residential and non-residential construction in Halifax as well as an increase in residential construction outside the city. However, growth has slowed in recent months.
In Halifax, growth in residential construction for both single and multi-unit dwellings has been increasing since the mid of 2021 while in recent months both are showing declining trend. Outside the city, growth in single dwelling unit construction is stronger than in multi-unit structures.
Non-residential building construction has lower values than residential construction. Halifax commercial and industrial building construction have increasing trend since the end of 2021, however industrial construction is declining in recent months. Outside the city, non-residential construction trending down in 2022 for all three categories of non-residential building: commercial, industrial, and government/institutional.
Statistics Canada. Table 34-10-0175-01 Investment in Building Construction
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