Released on February 13, 2025
Province ranks first in year-over-year growth
Today, new Statistics Canada data shows that Saskatchewan's building construction investment increased by 30.0 per cent in December 2024 compared to December 2023 (seasonally-adjusted). The province also saw a 9.4 per cent increase in month-over-month growth from November 2024 to December 2024.
This ranks Saskatchewan first in year-over-year and second in month-over-month growth in this category among the provinces.
"The increased activity we are seeing across our construction sector is a testament to the confidence individuals and businesses have in our province's strong and stable economy," said Trade and Export Development Minister Warren Kaeding. "Every new project contributes not only to job growth and infrastructure development, but further bolsters Saskatchewan's economy. These investments lead to direct benefits for Saskatchewan's communities, now and into the future."
Investment in building construction is calculated based on the total spending value on building construction within the province.
Statistics Canada's latest GDP numbers indicate that Saskatchewan's 2023 real GDP reached an all-time high of $77.9 billion, increasing by $1.77 billion, or 2.3 per cent from 2022. This places Saskatchewan 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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