BUILDING CONSTRUCTION SURGES FORWARD IN SASKATCHEWAN

New numbers released by Statistics Canada show continued growth for Saskatchewan’s investment in building construction for September 2023.

“Investment in building construction is a clear indicator of growth for Saskatchewan’s economy,” Trade and Export Development Minister Jeremy Harrison said. “They show that investors, businesses and families are choosing this province as the place to build their futures. This means stronger communities that help Saskatchewan thrive.”

Investment in building construction was up 18.5 per cent month-over-month from September 2023 over August 2023. Numbers were also up 7.6 per cent in September 2023 compared to September 2022. These were the third and second highest percentage changes among the provinces.

In total, there was $447 million invested in building construction in September 2023.

This announcement comes on the heels of several other strong economic indicators. Last week’s Labour Force Survey showed Saskatchewan has the lowest unemployment rate in Canada, with 19,300 new jobs year-over-year compared to October 2022. In September, the province saw a 14.8 per cent increase in year-over-year housing starts, record population growth, and huge investments including BHP’s $6.4 billion phase two expansion at its Jansen potash project.

Investment in building construction represents the value of spending on buildings in the province.