Saskatchewan's Construction Sector Continues to Grow
CANADA, May 14 - Released on May 13, 2024
Today, Statistics Canada released Saskatchewan's building permit figures, which show a 15.8 per cent increase year-over-year growth for March 2024, compared to March 2023 (seasonally adjusted). This places Saskatchewan well-above the national decrease of negative 15.2 per cent.
"The increase in the value of building permits demonstrates the confidence that individuals and industry have in making long-term investments in Saskatchewan," Trade and Export Development Minister Jeremy Harrison said. "This growth is only possible through the deliberate efforts we have made to foster a competitive business environment, lessen regulatory burden and making Saskatchewan a reliable place to invest. These factors are contributing to attracting record private capital investment into the province, that is leading to new jobs being created in our communities."
In March 2024, building permits in Saskatchewan totaled $176 million (seasonally adjusted).
The total value of building permits represents the dollar value of construction permits for residential and non-residential buildings.
The provincial economy has seen rapid growth lately, with Statistics Canada's latest GDP numbers indicating that Saskatchewan's 2023 real GDP reached an all-time high of $77.9 billion, increasing by $1.2 billion, or 1.6 per cent. This places Saskatchewan second in the nation for real GDP growth, and above the national average of 1.2 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.
To build upon these positive results, the Government of Saskatchewan recently unveiled its new Securing the Next Decade of Growth: Saskatchewan's Investment Attraction Strategy. The strategy was launched in conjunction with a new trade and invest website, called investSK.ca. Both the strategy and website will solidify Saskatchewan's standing as the best place to do business in Canada.
To learn more, visit: investSK.ca.
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