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Saskatchewan Sees Surge In Building Construction Investment

Released on July 18, 2024

Province Sees 12.9 Per Cent Increase in Year-over-year Growth

According to the most recent Statistics Canada data, Saskatchewan saw a 12.9 per cent increase in building construction investments from May 2023 to May 2024 (seasonally-adjusted). This investment highlights the province's strong economic environment and ongoing commitment to fostering growth and development.

"Saskatchewan's economy continues to show it's significant strength as we attract investment from businesses looking to build and expand," Trade and Export Development Minister Jeremy Harrison said. "Saskatchewan's surge in building construction investments shows industry's confidence in our province's competitive business environment which promotes innovation and provides investor certainty. This economic growth is creating good jobs in communities across the province, and allows our government to invest in the areas that matter most to Saskatchewan people" 

Investment in building construction is calculated based on the total spending value on building construction within the province.

Infographic showing that investment in building construction has increased by 12.9 per cent. Two construction workers stand in a semi-completed building

The provincial economy continues to see substantial growth recently. Exports are experiencing significant growth, totaling over $101.9 billion for 2022 and 2023 combined. This is a 52.2 per cent increase from the previous two-year period of 2020-2021, which saw $66.9 billion in total exports. 

Statistics Canada's latest GDP numbers also indicate that Saskatchewan's 2023 real GDP reached an all-time high of $77.9 billion, increasing by $1.2 billion, or 1.6 per cent. This places Saskatchewan second in the nation for real GDP growth, and above the national average of 1.2 per cent.

Private capital investment is projected to reach $14.2 billion in 2024, an increase of 14.4 per cent over 2023. This is the highest anticipated percentage increase in Canada.

The province has revealed "Securing the Next Decade of Growth: Saskatchewan's Investment Attraction Strategy," in conjunction with the launch of the investSK.ca website. These initiatives are positioned to amplify growth in Saskatchewan, serving as pivotal instruments in driving further development.

To learn more, visit investSK.ca


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For more information, contact:

Media Relations
Trade and Export Development
Regina
Phone: 306-526-6302
Email: media.ted@gov.sk.ca

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