Saskatchewan Sees Growth in Construction Investment
January 22, 2024
Statistics Canada is reporting significant growth in Saskatchewan’s building permits. The total value of building permits in the province reached $249 million in November 2023 (seasonally adjusted). This is an 83.9 per cent increase from November 2022, and the highest increase in all of Canada. Saskatchewan also experienced notable month to month growth, showing an increase of 19.3 per cent compared to October 2023.
“Continued strength in building permits showcases our province as the prime location for construction and investment across the nation,” Trade and Export Development Minister Jeremy Harrison said. “These figures demonstrate the confidence that individuals and businesses have in making real and tangible long-term investments in our province. It is a reflection of the stability and strength of our investment climate that we have worked hard with our partners and stakeholders to create.”
These figures build on Saskatchewan’s strong economic performance. Most recently, Statistics Canada’s Labour Force Survey showed employment in Saskatchewan reached a record 600,200 in December 2023, adding 22,100 full time jobs year-over-year. This ranked Saskatchewan second among the provinces in terms of percentage change at 3.8 per cent. Saskatchewan ended the year with a seasonally adjusted unemployment rate of 5.0 per cent, below the national average of 5.8 per cent.
According to Statistics Canada, wholesale trade has also increased by 22.9 per cent in October 2023, when compared to October 2022 (seasonally adjusted). The total value of wholesale trade for October 2023 is nearly $5.7 billion. Investment in building construction continues to grow, reaching $493 million for October 2023.
Building permits are the dollar value of construction permits for residential and non-residential buildings.
