Economic Impacts of the Housing Industry - 2010 Update Now Available
OTTAWA, Ontario — The 2010 estimates of the economic impacts of the residential construction industry are now available. These estimates were prepared by Will Dunning Inc., a consulting firm that specializes in housing market analysis. They cover housing starts, jobs, investment and government revenues from construction of new dwellings of all types, as well as renovation, conversion and repair of existing dwellings and other expenditures relating to new residential construction.
The estimates are based on investment data published by Statistics Canada, and historical housing starts data from Canada Mortgage and Housing Corporation. Data include actual activity from 2006 to 2009 and projections for 2010. Projections of 2010 new housing starts and renovation spending are from the Altus Group, based on data available as of March 2010.
These reports illustrate the importance of residential construction in generating jobs, wages, investment, and significant government revenues. They also show that activity in the residential sector and the resulting economic benefits may vary significantly from year to year. This reinforces the need for governments, at all levels, to be aware of the possible negative impacts of their housing-related policies on housing affordability and choice, and the consequences of such policies for overall economic performance and government revenues.
CHBA is encouraging all members to make full use of this important information. For links to Fact Sheets and Full Reports by Province and/or Region, click on: