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Canada Business News and Press Releases
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(I-Canada-News.Com, June 07, 2013 ) Calgary, Canada -- An monetary injection of $15.1 billion was given to Alberta last year from the various construction and renovation, according to a study released by the Canadian Home Builders' Association.
The study was handled by Will Dunning Inc, which is a housing market analysis specialty firm. The company also determined that 48,000 Alberta jobs were directly created by the housing and construction industry. Those gains included 22,600 indirect jobs that were created through province in various fields.
Wages paid through the industry created a total of $5.7 billion in total.
“We forget the key role home construction plays in Alberta’s economy because oilsands megaprojects get so much attention. But comparing the $12.9 billion Imperial Oil spent over three years to build the Kearl oilsands mine with the more than $15 billion spent on residential construction in a single year puts the importance of housing in perspective,” said Dave Hooge, president of CHBA – Alberta.
The assessed value of residential renovations and general construction within the Edmonton area in 2012 totaled $5.6 billion according to the study. That put the city second only to Calgary, which tallied $5.7 billion in the 12-month period. Calgary also was the top city in regards to the jobs created in the area, which totaled 19,300, as compared to the 17,200 Edmonton.
Figures compiled by the Canada Mortgage and Housing Corporation for Alberta showed that builders are now keeping ahead of the pace from last year. Because of that, the provincial economy may be able to gain from the industry, just as they did last year.
“In a year when the Alberta government is struggling with lower resource prices, it is important to recognize that residential construction is a key driver of the economy,” said Jim Rivait, CEO of CHBA — Alberta.
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