The impact of construction on the economy and employment
The construction industry is important to our province, for a variety of reasons, not the least of which the building of homes for Albertans. But construction isn’t just important for individuals, the residential construction industry also has a huge impact on the economy in our province, as well as employment numbers.
Did you know that 70 per cent of Canadians own a home? It’s true, and four in five millennials wants to purchase a home, according to statistics from the Canadian Home Builders Association (CHBA). That’s a lot of homes!
The residential construction industry was responsible for 1,008,372 jobs and over $59-billion in wages last year! Here’s a look at the economic impact of the new residential construction industry in Alberta last year (excluding figures relative to renovations).
- 24,533 new housing starts
- 57,191 jobs
- $3.9 billion in wages
- $10 billion in investment value
- 9.245 new housing starts
- 20,545 jobs
- $1.4 billion in wages
- $3.9 billion in investment value
- 917 new housing starts
- 2,140 jobs
- $147 million in wages
- $462 million in investment value
The 2016 fact sheets reflect estimated economic impacts of residential activity for the past year based on Statistics Canada and CMHC data. They include investment, direct and indirect employment, and wages paid. The scope of construction activities addressed includes new dwellings of all types, including both primary residences and cottages; renovation, conversion and repair of existing dwellings; and conversion of non-residential buildings to residential use. Other expenditures relating to new residential construction such as land transfer taxes and mortgage insurance fees are also included in these estimates. Note, however, that the estimates do not include land-value increases resulting from new residential development, as these are not collected by Statistics Canada. [CHBA Alberta]
For Genesis Land, we are proud to have provided jobs in both Calgary and Airdrie last year, in the development of three communities in Calgary and four in Airdrie. To learn more about the communities we develop and build, see our website.
If you are interested in learning more about investing in housing or development, or how construction benefits our economy, read more on our FAQ page.