Saskatchewan Leading the Nation in Building Construction Investment

CANADA, September 18 - Released on September 18, 2024

Province Ranks Second in the Nation for Month-Over-Month Growth 

Today, Statistics Canada released figures that show Saskatchewan saw a 6.7 per cent increase year-over-year in building construction investment from July 2023 to July 2024 (seasonally adjusted), totaling $439 million. The province additionally saw a 3.6 per cent increase in month-over-month construction investment from June 2024 to July 2024, ranking second among the provinces for growth. 

"People and businesses continue to show their confidence in making long-term investments in Saskatchewan as the best place to build their futures," Trade and Export Development Minister Jeremy Harrison said. "The growth we are experiencing with building construction investments not only adds new jobs to our labour force, but also opportunities across many evolving sectors. All of this and more is what helps build strong and vibrant communities in Saskatchewan for the benefit of all who live and work here."

Investment in building construction is calculated based on the total spending value on building construction within the province.

The provincial economy continues to see substantial growth. Statistics Canada's latest GDP numbers indicate that Saskatchewan's 2023 real GDP reached an all-time high of $77.9 billion, increasing by $1.2 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.

Saskatchewan's inflation rate also remains the lowest in the nation, with the most recent Consumer Price Index (CPI) numbers indicating that in August 2024, Saskatchewan's CPI saw an increase of just 1.1 per cent over August 2023. This is the lowest year-over-year inflation increase among the provinces and well below the national average of 2 per cent.

The province has revealed "Securing the Next Decade of Growth: Saskatchewan's Investment Attraction Strategy," in conjunction with the launch of the investSK.ca website. These initiatives are positioned to amplify growth in Saskatchewan, serving as pivotal instruments in driving further development.

To learn more, visit: investSK.ca.

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