YORKTON – Statistics Canada released new data showcasing a 26.2 per cent year-over-year growth in the value of building permits across Saskatchewan from Nov. 2023 to Nov. 2024.
It is a surge that places the province second in the nation for percentage change. Additionally, a month-over-month increase of 15.3 per cent was recorded for November 2024 compared to October, again ranking Sask. second in percentage change according to a release from the provincial government dated Dec. 10.
In Yorkton, the construction landscape has experienced a significant transformation. Building permits from November 2023 to October 2024 exceeded $180 million, marking an eleven-fold increase over the previous year and more than doubling the highest construction figures recorded in the past 15 years.
"This impressive increase is largely driven by substantial industrial investment within Yorkton," said Yorkton Mayor Aaron Kienle in an email with SaskToday.ca
"While industrial activity has been the primary driver, we also saw considerable commercial construction, totalling $13 million. However, only six new dwelling units were recorded, amounting to $1.6 million," added Kienle.
Kienle also highlighted the city's commercial and residential incentives that have attracted investments.
"Our city offers notable commercial incentives and some of the largest residential construction incentives in the province. These include a cash refund for eligible commercial improvements, phased tax abatements for applicable commercial construction, a 5-year 100% tax abatement for any residential construction, and, for a limited time, a 50% rebate on City-owned residential lots," said Kienle, adding, "we are optimistic that continued industrial and commercial growth, coupled with city incentives, will lead to a significant increase in housing starts in 2025."
Overall, building permits in Saskatchewan totalled $273 million for November 2024. The surge in building permits reflects strong confidence in the province’s growing economy, as noted by Trade and Export Development Minister Warren Kaeding.
"Because of our efforts to create a business-friendly environment and attract new investment, more people are choosing Saskatchewan to live, work and raise a family," said Kaeding in a release from the provincial government.
Supporting the vibrant construction sector, Statistics Canada's latest GDP numbers indicate Saskatchewan's 2023 real GDP reached an all-time high of $77.9 billion, increasing by $1.8 billion or 2.3 per cent, tying the province for second in the nation for GDP growth and exceeding the national average of 1.6 per cent.
Private capital investment is projected to reach $14.2 billion in 2024, an increase of 14.4 per cent over 2023, marking the highest anticipated percentage increase in Canada.
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