CHBA Analysis Shows Residential Construction More Important Than Ever To Canada’s Economy
CHBA Analysis Shows Residential Construction More Important Than Ever To Canada’s Economy New national data compiled by CHBA shows that, in 2017, residential construction supported more than 1.2 million jobs across Canada and was a $150 billion industry. The industry’s total wage packet for 2017 totaled over $73 billion.
As in past years, these numbers dwarf those tied to most other major goods-production sectors. Residential construction continues to be the largest finished goods-producing sector of Canada’s economy.
These estimates are produced each year for the Association. They draw on Statistics Canada (StatsCan) and CMHC data to measure the economic output of new construction and renovation nationally, provincially and for over 120 communities across the country.
The 2017 provincial and local reports are still being compiled, but national-level data shows that our industry remains an economic powerhouse and a critical part of the national economy.
This year’s reports benefit from significant improvements in data quality from StatsCan, and are, as a result, more precise than past reports. Previous year’s data, while impressive, underestimated the total economic impact of our industry.
In the coming weeks, and in preparation for CHBA’s annual Day on the Hill, CHBA will release the full set of 2017 Economic Impact reports, which will be posted on the Association’s website and be publically available in the Housing in Canada/Industry Information & Statistics section.
Throughout the year, CHBA makes extensive use of these one-page reports in its government relations activities, ensuring that Parliamentarians fully recognize the importance of our industry nationally, and within their how ridings. Provincial and local Association make similar use of the reports in their conversations with government representatives.