Released on February 12, 2025
Province Ranks Second in Year-Over-Year Growth
Latest numbers by Statistics Canada show the value of the province's building permits increasing by 59.4 per cent from December 2023 to December 2024 (seasonally adjusted), placing Saskatchewan second year-over-year among the provinces.
These figures follow last month's report, which placed Saskatchewan second among the provinces for both year-over-year and month-over-month growth in the value of building permits.
"Saskatchewan's business-friendly environment is leading to more investment and economic activity, which is demonstrated through the continued growth of our construction sector," Minister of Trade and Export Development Warren Kaeding said. "The upward trend in building permits being issued is creating new jobs and opportunities for Saskatchewan people. Through our investment attraction efforts, more people are choosing Saskatchewan to live, work, and raise a family than ever before."
Additionally, the Province's two largest cities both experienced strong year-over-year growth of 50.4 per cent in Regina and 34.2 per cent in Saskatoon respectively.
In December 2024, building permits in Saskatchewan totaled $258 million (seasonally adjusted).
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 $1.8 billion, or 2.3 per cent. This ties Saskatchewan for second in the nation for real GDP growth, and above the national average of 1.6 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.
Last year, the Government of Saskatchewan 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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