How the Residential Construction Industry Helps Alberta
No one likes construction. It can be noisy, messy and disruptive in our everyday lives. However, it is necessary. Construction allows us to build our own homes, develop new communities and grow our city so that we can drive economic growth. Home ownership is an important value for many people, especially Canadians. According to the Canadian Home Builders’ Association, 69 per cent of Canadians own a home and 4 out of 5 millennials would like to own one in the future. Therefore, construction is important to continue towards our goal of more Canadians owning their own home.
Residential construction is a key economic driver in every single community across Canada, no matter where you live. Each year, it keeps 1.2 million people employed across the country. The residential construction industry brings in $73.6 billion dollars in wages and $150.9 billion dollars in economic activity each year. Now that’s a lot, but what does this do for Alberta?
Calgary is a growing metropolis that brings in more and more newcomers each year. As the city continues to expand, construction companies build homes in new communities skirting the city as well as develop homes within already established neighbourhoods. Regardless of where the work is done, construction has a huge impact on the Calgary economy.
The effects of new home construction on Calgary in 2017 according to the CHBA was as following:
- 11,534 new housing starts
- 25,675 on-site and off-site jobs
- $1.7 billion dollars in wages
- $4.2 billion dollars in investment value
Construction is a huge industry and affects our city’s well-being greatly. When the economy suffered a few years ago, we saw dips in construction companies large and small as they struggled to make ends meet. However, the economy has started to repair itself and people can afford construction again. Don’t forget about the impact that home renovation and repair also had on our economy last year:
- 21,260 jobs
- $1.5 billion dollars in wages
- $3 billion dollars in investment value
As seen from the statistics, residential construction is one of the largest employers in Calgary that thousands of people depend on for their jobs. Homes tend to be the largest single wealth-builder for most families, allowing them to save up and invest in their future. And these numbers are just in Calgary alone.
When considering the new home as well as the renovation and repair industry in Airdrie, the following statistics are the total economic impact of residential construction on the city:
- 3,799 on-site and off-site jobs
- $259 million dollars in wages
- $590 million dollars in investment value
Therefore, residential construction not only assists in providing homes for newcomers, families, investors and people relocating to new communities, but it also carries the economy. People depend on the residential construction industry for jobs, to keep them busy year-round and provide for their families. In times of need, it is reassuring to know that we can depend on our neighbours to help build the economy back to what it once was.