Local building industry in 2015 generated $1.7 billion in investment value: CHBA

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STAFF WRITER
The Ottawa Construction News

As part of its national communications campaign, the Canadian Home Builders’ Association (CHBA) has released a report on the industry’s economic impact, with national and regional/local data.

CHBA says the data in the 2015 Economic Impacts of Residential Construction indicates the local home building industry generated $1.7 billion in investment value, “the largest single wealth builder” for most families, and the industry provided 9,251 onsite and offsite jobs, providing $538 million in wages “that show up in purchases across the entire local economy.”

CHBA says there were 4,972 new Ottawa area housing starts in 2015.

Nationally, the new estimates show that, in 2015, the industry supported more than one 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 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 says.

“At a time when many sectors of Canada’s economy continue to be challenged, it is reassuring to see that residential construction continues to be an important source of jobs, incomes and economic activity in every community across the country,” said CHBA chief executive officer. Kevin Lee.

Across the country, construction of new homes represented 46 per cent of total residential investment, while renovation and repair of existing homes accounted for 54 per cent.

Each year, CHBA produces detailed economic impact data for the residential construction industry, drawing on data compiled by Canada Mortgage and Housing Corporation and Statistics Canada. Analysis is conducted by Will Dunning Economic Research for the CHBA.

Data at the national, provincial and territorial levels, and for 106 different regions and communities across the country, can be accessed at: http://www.chba.ca/CHBA/Housing_in _Canada/InformationStatistics.aspx

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