Building Permits on the Rise in Saskatchewan
CANADA, December 13 - Released on December 12, 2024
Latest numbers from Statistics Canada show continued growth for the province's building permits, which had a 13.8 per cent increase for year-over-year growth for October 2024 compared to October 2023 (seasonally adjusted).
"This continued growth in building permits shows more people are choosing to make long-term investments in Saskatchewan," Trade and Export Development Minister Warren Kaeding said. "New permits being issued create jobs and opportunities for the people of Saskatchewan, with lasting benefits for our communities. This is a direct result of our competitive business environment and ongoing affordability measures, keeping our province the most attractive place in the country for new investment."
In October 2024, building permits in Saskatchewan totaled $239 million (seasonally adjusted). In Regina, the value increased by 54.7 per cent year-over-year from October 2023 to October 2024. The province's increase in building permits was driven by an uptick in residential building permits, which were up 53.1 per cent during this same period.
The total value of building permits represents the dollar value of construction permits for residential and non-residential buildings.
Statistics Canada's latest GDP numbers indicate that Saskatchewan's 2023 real GDP reached an all-time high of $77.9 billion, increasing by $1.8 billion, or 2.3 per cent. This places Saskatchewan tied for second in the nation for real GDP growth, and above the national average of 1.2 per cent.
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.
The Government of Saskatchewan also recently unveiled its new Securing the Next Decade of Growth - Saskatchewan's Investment Attraction Strategy. This strategy, combined with Saskatchewan's trade and investment website, InvestSK.ca, contains helpful information for potential markets and solidifies the province as the best place to do business in Canada.
For more information visit: InvestSK.ca.
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