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Thomas StorringDirector – Economics and Statistics
Tel: 902-424-2410Email: thomas.storring@novascotia.ca

January 20, 2025
BUILDING CONSTRUCTION, NOVEMBER 2024

Monthly (November 2024 vs October 2024, seasonally adjusted)

Investment in Nova Scotia building construction increased by 4.8% in November 2024 to $538.2 million. Halifax monthly building construction was up 2.8% to $278.1 million while outside of Halifax building construction was up 7.0% to $260.1 million. Nationally, investment in building construction declined 0.5% despite increases in six provinces. Prince Edward Island reported the largest gain while Manitoba reported the biggest drop.

Nova Scotia's November 2024 residential construction investment increased by 6.5% to $430.9 million. Halifax residential construction was up 4.2% to $211.0 million. Outside of Halifax residential construction was up 8.8% to $219.9 million. National residential construction was dropped by 1.1% despite gains in six provinces. Prince Edward Island had the largest gain and Manitoba reported the largest decline.

Nova Scotia's non-residential building construction declined 1.5% to $107.3 million. In Halifax, non-residential construction was down 1.4% to $67.2 million. Outside of Halifax, non-residential construction was down 1.7% to $40.1 million. National non-residential building construction was up 1.1% in November 2024 with gains in six provinces, led by Prince Edward Island. Newfoundland and Labrador reported the largest decline in non-residential building construction.

Year-to-date (January-November 2024 vs January-November 2023)

Compared to January-November 2023, building construction investment was up 22.1% in Nova Scotia. Halifax construction activity was up 26.2% and outside of Halifax construction activity was up 18.0%. National building construction investment was up 5.9%, with gains in all provinces except Newfoundland and Labrador. Prince Edward Island reported the largest gain.

Residential construction investment was up 20.1% in Nova Scotia compared to January-November 2023. Halifax's residential construction was up 27.4% and outside of Halifax residential construction was up 13.5%. National residential construction was up 6.3% with gains in all provinces except Ontario and Newfoundland and Labrador.  Prince Edward Island reported the fastest gain.    

Nova Scotia's non-residential construction was up 31.8% compared to January-November 2023, the fastest gain among provinces. Halifax's non-residential construction rose 21.9% while outside of Halifax, non-residential construction was up 49.6%. National non-residential construction investment increased 5.0% compared to January-November 2023. Eight provinces reported increases. Newfoundland and Labrador and Québec reported the only declines.

Nova Scotia's total building construction investment increased from $4.93 billion in January-November 2023 to $6.02 billion in January-November 2024. Residential investment as well as non-residential investment were up across the province. 

Residential construction investments were up for multiple unit dwellings and single dwelling units, both inside Halifax as well as around the rest of the province.  

Non-residential building construction investment was up in all categories of non-residential construction across the province: commercial, industrial, and institutional/government.

All categories and locations of building construction investment reported year-to-date growth with the fastest increases (in percentage terms) for institutional/governmental building projects - particularly outside Halifax.  In Halifax, the next fastest percentage gains in construction were reported in industrial buildings and multiple unit dwellings; the slowest gain was reported for commercial buildings in Halifax.  Outside the city, the next fastest percentage gains after institutional/governmental buildings were in multiple unit dwellings and industrial buildings; single dwelling units posted the slowest growth outside the city. 

Trends

Building construction has trended up over recent years, particularly from rising residential investment. Residential investment (and therefore total investment) exhibits peaks and troughs around a rising trend and has recently been declining. Non-residential investment has been on a more gradual increasing trend, primarily from investments in Halifax.

In Halifax, residential construction investment had trended up for both single and multi-unit dwellings since late 2023. However, both single and multi-unit dwellings investments have peaked and started to trend down again. Outside the city, investment in single dwelling unit construction is typically higher than for multi-unit structures. In Halifax, multiple dwelling unit buildings are a slightly larger investment than single dwelling units. 

Non-residential building construction has lower values than residential construction.

Halifax commercial building construction has rebounded in recent months on both institutional/government and commercial projects.  Outside the city, rising non-residential investment levels have lately been driven by institutional/government projects.  

Statistics Canada.   Table 34-10-0286-01 Investment in building construction



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