Posted on June 17, 2024
Monthly investments in building construction in Saskatchewan increase 9.7 per cent
According to the latest data from Statistics Canada, Saskatchewan ranks first in the country for building construction investment with a 9.7 per cent increase in April 2024 compared to March 2024 (seasonally adjusted). These figures highlight the province's prosperous economic outlook and its commitment to fostering growth and development.
โSaskatchewan's building construction sector is experiencing record investment,โ said Minister of Trade and Export Development Jeremy Harrison. "This investment does not happen by accident, it is the result of our government's commitment to creating a competitive and stable business environment and reducing unnecessary regulatory burden. This investment is creating new jobs and more opportunities for people across Saskatchewan."
In April 2024, building construction also saw a 21.8 percent year-over-year increase in this category from April 2023 (seasonally adjusted), placing the province in third place in terms of percentage change among provinces. Nonresidential building construction (seasonally adjusted) also increased 3.5 percent in April 2024, compared to March 2024, and residential construction increased 13.3 percent in this period.
Investment in building construction is calculated based on the total value of spending on building construction within the province.
The provincial economy continues to experience substantial growth recently. Exports are experiencing significant growth, totaling more than $101.9 billion for 2022 and 2023 combined. This is a 52.2 percent increase over the previous two-year period, 2020-2021, which saw $66.9 billion in total exports.
The latest GDP figures from Statistics Canada also indicate that Saskatchewan's real GDP in 2023 hit an all-time high of $77.9 billion, up $1.2 billion, or 1.6 per cent. This puts Saskatchewan second nationally in real GDP growth, and above the national average of 1.2 per cent.
Private equity investment is projected to reach $14.2 billion in 2024, an increase of 14.4 per cent over 2023. This is the highest percentage increase projected in Canada.
The province recently launched "Securing the next decade of growth: Saskatchewan's investment attraction strategy." along with the launch of the investSK.ca website. These initiatives are positioned to amplify growth in Saskatchewan, serving as critical instruments to drive further development.
For more information, visit: investSK.ca.
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