Released on May 17, 2024
Year-over-year growth in building construction investment ranks third among the provinces
Today's numbers for investment in building construction from Statistics Canada show that Saskatchewan has seen a 21.2 per cent year-over-year increase in this category in March 2024 over March 2023 (seasonally adjusted), which ranks third in terms of percentage change among the provinces. This follows in the wake of the 19.4 per cent year-over-year increase that was recorded in February 2024 (seasonally adjusted).
"It is clear that people and businesses are more confident investing in Saskatchewan than ever before," Trade and Export Development Minister Jeremy Harrison said. "Our construction sector is seeing this growth because of the deliberate efforts we've made to create a creative business environment industry can rely on. This unprecedented investment into the province is creating new jobs and opportunities in every corner of our province."
In March 2024, investment in building construction totaled $392 million in Saskatchewan.
Investment in building construction is calculated based on the total spending value on building construction within the province.
A report released by Statistics Canada earlier this week indicates that the value of building permits in Saskatchewan increased by 15.8 per cent year-over-year for March 2024 compared to March 2023 (seasonally adjusted).
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 Government of Saskatchewan recently unveiled its new Securing the Next Decade of Growth - Saskatchewan's Investment Attraction Strategy. This strategy combined with Saskatchewan's trade and investment website, InvestSK.ca, contains helpful information for potential markets and solidifies the province as the best place to do business in Canada.
For more information visit InvestSK.ca.