Released on October 17, 2012
Province's Rate Grew 14 Times Faster Than The National Average
Saskatchewan led the country in non-residential construction growth with an increase of 28.4 per cent for the third quarter of 2012 over the same period last year, the highest growth rate among provinces according to Statistics Canada. Saskatchewan's increase was more than 14 times that of the 2.0 per cent national average. With a total of $467 million in construction, this was Saskatchewan's best quarter since tracking began in 1997.
"The outstanding increase in non-residential construction during the last three months is good news for the Saskatchewan economy," Economy minister Bill Boyd said. "This means significant investment in infrastructure projects that are important as we set out our goals to grow the Saskatchewan economy."
Saskatoon had the highest increase among Canadian cities at 34.6 per cent, far outstripping the 3.9 per cent average for major centres. Regina also exceeded the average, showing a 13.5 per cent increase.
Industrial projects were up by 34.5 per cent for the third quarter compared to the previous year. Commercial projects rose by 27.7 per cent and institutional projects jumped 27.5 per cent.
On a quarterly basis, non-residential construction was up 3.9 per cent between the second and third quarter of 2012, the second highest quarterly increase among provinces.
"This is a win-win situation with Saskatchewan businesses benefitting and creating more jobs," Boyd said. "It also means local economies benefit from having high-skilled workers that are in the province for extended periods of time."
-30-
For more information, contact:
Deb Young
Economy
Regina
Phone: 306-787-4765
Email: deb.young@enterprisesask.ca