Released on May 6, 2008
The value of building permits in Saskatchewan for March 2008 recorded the second highest percentage increase in the nation according to Statistics Canada today.
The March 2008 building permit values totalled $146 million, up 32 per cent from the $110 million recorded last March (seasonally adjusted). Newfoundland and Labrador had a slightly higher increase than Saskatchewan, up 34.9 per cent over last March.
"The value of building permits jumped in March, up about one-third from last year, marking a significant leap in the province's construction activity," Enterprise and Innovation Minister Lyle Stewart said. "This remarkable surge is wide spread throughout the economy, at levels which are near the top on a national basis."
There were also increases reported on a monthly basis, with permits increasing from $112 million in February to $146 million in March, a 29.7 per cent increase. This was the second highest increase amongst the provinces, with only Prince Edward Island posting a higher percentage increase at 41.8 per cent. The national average decreased by 4.5 per cent.
Saskatchewan's residential building permits were up year-over-year in March by 33 per cent from $71 million to $95 million. Non-residential permits were up by 30.2 per cent on the same basis from $39 million in March 2007 to $51 million in March 2008.
On a monthly basis, Saskatchewan's residential permits were up 12 per cent from $85 million to $95 million between February 2008 and March 2008. Non-residential permits were up 83.9 per cent from $28 million to $51 million in March 2008.
"One of the major indications of a hot economy is the level of construction activity," Stewart said. "This level of growth can only benefit the people of Saskatchewan, providing more job opportunities with better pay and benefits to improve the quality of life for families in the province."
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For more information, contact:
Deb Young
Enterprise and Innovation
Regina
Phone: 306-787-1691
Email: Deb.Young@gov.sk.ca