Year-over-year investment in building in Saskatchewan leads the country, according to new Statistics Canada data.
Sask. saw a 30 per cent increase in building construction investment in December 2024 compared to December 2023, according to the data. This ranks the province first in year-over-year growth among all provinces.
The data also shows a 9.4 per cent increase from November 2024 to December 2024, putting the province second in month-over-month growth.
“The increased activity we are seeing across our construction sector is a testament to the confidence individuals and businesses have in our province’s strong and stable economy,” said trade and export development minister Warren Kaeding.
“Every new project contributes not only to job growth and infrastructure development, but further bolsters Saskatchewan’s economy. These investments lead to direct benefits for Saskatchewan’s communities, now and into the future.”
Statistics Canada calculates building construction investment based on total spending on projects within a province.
The latest figures show Sask’s real GDP hit a record $77.9 billion in 2023. This marks a $1.77 billion, or 2.3 per cent, increase from 2022. Furthermore, the province ranks second in the nation for real GDP growth and is above the national average of 1.6 per cent.
Private capital investment in the province is expected to reach $14.2 billion in 2024. This would be a 14.4 per cent increase from 2023, the highest projected percentage growth in Canada.
Last year, the provincial government launched its Securing the Next Decade of Growth – Sask.’s Investment Attraction Strategy. The strategy, along with the trade and investment website InvestSK.ca, provides information for potential investors. The province aims to solidify itself as the best place to do business in Canada.
Read More: Strong growth spurs Saskatchewan in 2024
