The impacts of residential construction on the economy
Today is Housing Day in Canada, a time to reflect on one of the biggest impacts on our everyday lives from financial freedom to quality of life. But housing isn’t just important for individuals, the residential construction industry also has a huge impact on the economy in our province.
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 over 1-million jobs and over $58-billion in wages last year. Here’s a look at the economic impact of the new residential construction industry in Alberta (statistics from 2015, via CHBA).
- 37,282 new housing starts
- 78,707 jobs
- $5.2-billion in wages
- $11.6-billion in investment value
- 13,033 new housing starts
- 26,975 jobs
- $1.8-billion in wages
- $4.5-billion in investment value
- 1,437 new housing starts
- 3,097 jobs
- $206-million in wages
- $506-million in investment value
The industry continues to be one of the largest employers in Canada. One of every 18 workers in Canada is employed, directly or indirectly, in residential construction. Total wages paid in 2015 were $58.5 billion. The investment value of new homes, renovations and repairs produced by the industry in 2015 exceeded $128 billion, based on Statistics Canada Building Permits data. [CHBA]
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.