Released on January 10, 2025
Province Ranks Second in Year-Over-Year and Month-Over-Month Growth
Today, Statistics Canada released data indicating a 26.2 per cent year-over-year increase for the value of building permits in Saskatchewan from November 2023 to November 2024 (seasonally adjusted), which ranks as the second highest percentage change among the provinces.
The province also saw a month-over-month increase of 15.3 per cent in the value of building permits for November 2024 compared to October (seasonally adjusted), again placing Saskatchewan second in terms of percentage change among the provinces.
These figures follow last month's report which showed that building permits in the province saw a 13.8 per cent year-over-year increase for October 2024 compared to October 2023 (seasonally adjusted).
"The continued growth we are seeing in building permits demonstrates the confidence that individuals and industry have in Saskatchewan's strong and growing economy," Trade and Export Development Minister Warren Kaeding said. "Because of our efforts to create a business-friendly environment and attract new investment to Saskatchewan, more people are choosing our province to live, work, and raise a family than ever before. Our growing construction sector is leading to more opportunities for people and communities across the province."
In November 2024, building permits in Saskatchewan totaled $273 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.
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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