A message from Rob Roach at ATB Economics:
Numbers released on Feb. 13 show annual spending on the construction of buildings in Alberta increased last year by 6.8% to $30.6 billion. The growth was driven by a surge in the multi-dwelling component.
Spending on residential construction increased 7.9% to $21.8 billion last year. A 24.2% increase in spending on multiple-dwelling buildings added $2.1 billion to the annual total, offsetting a 4.2% decrease in spending on single-dwelling homes.
Non-residential spending increased by 4.2% last year to $8.8 billion on the back of a 34.6% rise in industrial investment. Spending on commercial buildings was basically flat at +0.4% while spending on institutional/governmental projects pulled back by 2.2%.
Expressed in constant dollars to remove the impact of inflation, total spending on building construction in Alberta increased by a more modest 2.1% in 2024. Inflation-adjusted spending was, moreover, 24.2% lower than in 2017 (when the current data series begins).
Learn more in this edition of The Twenty-Four.
For more number-crunching on Alberta’s economy, visit The Twenty-Four Seven by ATB.