Highlights from CHBA’s economic performance review of the industry
By Viktoria Halim, CHBA Economist
Each year, CHBA reports on the significant economic impacts of the residential construction industry across Canada at the national, provincial, and community levels. This year, CHBA widened the scope to also provide a holistic overview of the housing market and the significant economic impacts of the residential construction industry in Canada. The new publication, Residential Construction in Canada – Economic Performance Review 2019 with 2020 Outlook, will help bolster the Association’s advocacy with all three levels of government.
The construction and renovation industries are crucial to the Canadian economy at large and in every single community, creating jobs at the local level that help communities thrive and become stronger. The fact sheets that CHBA produces for each CMA/city reflect estimated economic impacts of residential activity for the previous calendar year based on Statistics Canada and Canada Mortgage and Housing Corporation data. The Economic Impact Fact Sheets are an important way to highlight the extensive reach the residential construction industry is having on the Canadian economy and in each of Canada’s communities.
Key Findings Include:
In 2019, there were a total of 1,328,661 on-site and off-site jobs that were created in new home construction, renovation, and repair – which makes the sector one of Canada’s largest employers.
Sixty-one percent of the total number of jobs were concentrated in the renovation and repair sector while 39% can be attributed to the new home residential construction sector. The number of jobs decreased slightly since 2018 (by 1%). This work resulted in $83.1 billion in wages that show up in purchases across the entire national economy and help increase economic activity.
Between 2018 and 2019, the total number of wages increased by 3%. The residential construction industry is the largest single wealth-builder for most families and provides for $142.6 billion in built investment value. The value of investment increased by $2.5 billion from 2018 to $142.6 billion.