Highlights from ‘Building Construction, October 2024’
The following statistics were released from the Economics and Statistics Division on December 18, 2024. For full details from this dataset, please click here.
Monthly (October 2024 vs September 2024, seasonally adjusted)
- Investment in Nova Scotia building construction decreased by 7.1% in October 2024 to $520.4 million
- Halifax monthly building construction was down 5.6% to $271.3 million
- Outside of Halifax building construction was down 8.6% to $249.1 million
- Nationally, investment in building construction declined 1.1% with declines in six provinces
- Nova Scotia’s non-residential building construction grew 2.9% to $110.2 million
- In Halifax, non-residential construction was up 2.3% to $68.4 million
- Outside of Halifax, non-residential construction was up 3.9% to $41.8 million
- National non-residential building construction was up 1.1% in October 2024
Year-to-date (January-October 2024 vs January-October 2023)
- Compared to January-October 2023, building construction investment was up 23.6% in Nova Scotia
- Halifax construction activity was up 28.6%
- Outside of Halifax construction activity was up 18.6%
- National building construction investment was up 6.1%, with gains in all provinces except Newfoundland and Labrador
Nova Scotia’s non-residential construction was up 33.3% compared to January-October 2023, the fastest gain among provinces- Halifax’s non-residential construction rose 22.6%
- Outside of Halifax, non-residential construction was up 52.8%
- National non-residential construction investment increased 5.0% compared to January-October 2023
Trends
- Building construction has trended up over recent years, particularly from rising residential investment
- Halifax commercial building construction has rebounded in recent months
- Government/institutional construction has been increasing since early 2023
- Industrial investment has been growing since mid-2023 in Halifax and since late 2023 outside the city