Sask construction sector continues to grow

On Monday, Statistics Canada released Saskatchewan’s building permit figures, which show an increase of 15.8 per cent 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,” said Trade and Export Development Minister Jeremy Harrison.

“This growth is only possible through the deliberate efforts we have made to foster a competitive business environment, lessen regulatory burden and make Saskatchewan a reliable place to invest. These factors are contributing to attracting record private capital investment into the province, which is leading to new jobs being created in our communities.”

In March 2024, building permits in Saskatchewan totalled $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. the Realtor’s plans for the day with their own family, or the property owner who is being asked to vacate it for the showing at short notice. Especially when you find out the prospect has been camping at the lake the entire previous week and decided the best time to check it out was before leaving for home that afternoon.

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 investment website, called investSK.ca. Both the strategy and website will solidify Saskatchewan’s standing as the best place to do business in Canada.

MERIDIAN SOURCE STAFF