Released on September 12, 2024
Province Ranks Second in Year-Over-Year and Month-Over-Month Growth
Latest numbers from Statistics Canada show continued growth for the province's building permits, which had a 47.5 per cent increase for year-over-year growth for July 2024 compared to July 2023 (seasonally adjusted). This places Saskatchewan second in terms of percentage change among the provinces.
"The massive growth in building permits shows Saskatchewan's business environment and economy continues to lead Canada with residents and industry having strong confidence in making long-term investments in our province," Trade and Export Development Minister Jeremy Harrison said. "Our construction sector is growing and creating more jobs and opportunities for Saskatchewan's strong and vibrant communities. This is the result of the strategic measures our government has taken to create a competitive business environment, which has made Saskatchewan one of the most attractive jurisdictions in the world for new investment."
In July 2024, building permits in Saskatchewan totaled $257 million (seasonally adjusted). The province also ranked second in month-over-month growth, with an increase of 49.2 per cent in July 2024 over June 2024. Non-residential building permits (seasonally adjusted) increased by 92.2 per cent in July 2024, compared to June 2024. Residential permits increased by 59.3 per cent from July 2023 to July 2024.
Saskatoon experienced remarkable growth, with building permits rising 103.3 per cent month-over-month and 131.4 per cent year-over-year in July 2024.
The total value of building permits represents the dollar value of construction permits for residential and non-residential buildings.
Statistics Canada's latest GDP numbers 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 Government of Saskatchewan also 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.
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