Saskatchewan is making waves in the building construction sector, ranking second in the country for month-over-month growth, according to new data released by Statistics Canada. From July 2023 to July 2024, the province saw a 6.7 per cent increase in building construction investment, reaching $439 million. In the month-over-month period from June to July 2024, Saskatchewan experienced a 3.6 per cent rise in construction investment, further solidifying its place as a leader in the industry.
"People and businesses are showing confidence in Saskatchewan as the best place to invest and build their futures," said Trade and Export Development Minister Jeremy Harrison. "This growth not only brings new jobs but also opens opportunities across various sectors, helping build vibrant communities throughout the province."
Investment in building construction reflects the total value of spending on construction projects in the province, and Saskatchewan continues to see significant economic growth. The latest GDP numbers show the province's real GDP reached a record $77.9 billion in 2023, a $1.2 billion increase, or 1.6 per cent growth. Saskatchewan ranks second nationally in GDP growth, surpassing the national average of 1.2 per cent.
Looking ahead, private capital investment in Saskatchewan is expected to hit $14.2 billion in 2024, a 14.4 per cent increase over the previous year. This marks the highest anticipated percentage increase in Canada.
Saskatchewan also leads the country in keeping inflation low. In August 2024, the province’s Consumer Price Index (CPI) rose just 1.1 per cent year-over-year, the lowest increase among provinces and well below the national average of 2 per cent.
To maintain this momentum, the province has unveiled its "Securing the Next Decade of Growth: Saskatchewan's Investment Attraction Strategy" alongside the launch of the investSK.ca website. These initiatives are designed to foster continued growth and attract further investment to the province.
For more information, visit investSK.ca.