VANCOUVER ISLAND – The National office of the Canadian Home Builders’ Association (CHBA) today released its report on the 2015 Economic Impacts of Residential Construction. The new estimates show that, in 2015, the industry supported over 16,800 jobs in new home construction, renovation and repair, and continues to be one of the largest employers on Vancouver Island.
One of every 18 workers in Canada is employed, directly or indirectly, in residential construction. Total wages paid in 2015 were $971 million on Vancouver Island.
The investment value of new homes, renovations and repairs produced by the industry in 2015 exceeded $2.1 billion on the island, based on Statistics Canada Building Permits data.
Commenting on the 2015 results, Kevin Lee, CHBA CEO noted that, “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.”
At the national level, construction of new homes represented 46% of total residential investment, while renovation and repair of existing homes accounted for 54%. The industry supports over 1 million jobs and over $58 billion is paid in wages across Canada.
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 are available at the national, provincial and territorial levels, and for 106 different regions and communities across the country. The full set of reports can be accessed 2015 Economic Impacts of Residential Construction.
