Residential Construction in Canada: 1 million jobs and $138 billion in GDP
May 5, 2017 – The Canadian Home Builders’ Association (CHBA) today released the 2016 update of its annual statistics on the Economic Impacts of Residential Construction.
Separate estimates of the economic contribution of new construction, renovation and total residential activity are available at the national level, for every province and territory, and for over 100 municipalities, urban regions and larger communities across the country.
The new estimates show that, in 2016, the industry continued to support over 1 million jobs in new home construction, renovation and repair, and 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 2016 were $59.4 billion.
The investment value of new homes, renovations and repairs produced by the industry in 2016 exceeded $138 billion, based on Statistics Canada Building Permits data, which do not include land value generated.
At the national level, construction of new homes including acquisition costs represented 48.4% of total residential investment, while renovation and repair of existing homes accounted for 51.6%.
Commenting on the 2016 results, Kevin Lee, CHBA CEO noted that, “our industry continues to be an important source of jobs, incomes and economic activity in every community across the country. As Canada faces a range of economic uncertainties going forward, it is reassuring to see that individual Canadians continue to invest in their homes and communities.”
Each year, CHBA produces detailed economic impact estimates for the residential construction industry, drawing on statistics compiled by Canada Mortgage and Housing Corporation and Statistics Canada. Analysis is conducted by Will Dunning Economic Research for the CHBA.
The full set of reports can be accessed at: http://www.chba.ca/impacts.
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Journalists wishing to interview Kevin Lee, Chief Executive Officer of the Canadian Home Builders’ Association concerning the 2016 Economic Impacts report are encouraged to submit their request by email or telephone to:
David Foster
Senior Director, Communications
(613) 230-3060 ext. 232
foster@chba.ca
About The Canadian Home Builders' Association
The Canadian Home Builders’ Association (CHBA) is the voice of Canada’s residential construction industry. Representing more than 8,500 small- and medium-sized businesses across Canada, CHBA members include home builders, renovators, land developers, trade contractors, product and material manufacturers, building product suppliers, lending institutions, insurance providers, service professionals, municipalities and more.