Released on June 17, 2024
Saskatchewan's Month-Over-Month Building Construction Investments Increase 9.7 Per Cent
According to the latest data from Statistics Canada, Saskatchewan ranks first in the nation in 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 thriving economic landscape and its commitment to fostering growth and development.
"Saskatchewan's building construction sector is seeing record investment," Trade and Export Development Minister Jeremy Harrison said. "This investment does not happen by accident, it is a result of our government's commitment to building a competitive and stable business environment and reducing unnecessary regulatory burden. This investment is leading to new jobs and more opportunities for people across Saskatchewan."
In April 2024, building construction has also seen a 21.8 per cent year-over-year increase in this category over April 2023 (seasonally-adjusted), placing the province 3rd in terms of percentage change among the provinces. Non-residential building construction (seasonally-adjusted) also increased by 3.5 per cent in April 2024, compared to March 2024, and residential construction increased by 13.3 per cent in this period.
Investment in building construction is calculated based on the total spending value on building construction within the province.
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 recently released "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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