Provinical Housing Starts Continue to Climb
The Province’s Urban Housing Starts are Among the Highest in Canada
The latest numbers show that Saskatchewan is among the top provinces in Canada for urban housing starts, with December’s numbers up 86.4 per cent year-over-year from December 2022.
“It’s encouraging to see the new year start off with more good news about Saskatchewan’s economy,” Trade and Export Development Minister Jeremy Harrison said. “Today’s numbers for housing starts show that people are continuing to build their futures in this province, keeping our communities and economy strong and prosperous for everyone. The numbers also show that our construction industry is responding to the massive population growth in the province with significant new construction to house that new population.”
The province’s housing starts numbers place Saskatchewan second among the provinces. In the twelve months of 2023, urban housing starts in Saskatchewan increased by 11.5 per cent, compared to the same period in 2022. Saskatchewan ranked second among the provinces in percentage change for this number as well.
Today’s numbers build on other recent economic successes. According to Statistics Canada, building permits were up 83.9 per cent in November 2023 over November 2022 (seasonally adjusted), which is the highest increase in Canada. Wholesale trade also increased by 21.6 per cent in November 2023, when compared to November 2022 (seasonally adjusted). Investment in building construction continues to grow, reaching $493 million for October 2023 (seasonally adjusted).
Statistics Canada’s Labour Force Survey showed employment in Saskatchewan reached 600,200 in December 2023, adding 22,100 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.
Housing starts represent the number of new housing builds where construction has begun. These numbers are calculated by the Canada Mortgage and Housing Corporation.
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