The construction industry accounts for more than 5% of the province’s GDP and 7% of total employment. The number of building permits has grown along with the construction wage. Spending growth in the construction industry has been significant in both the residential and non-residential sectors.
Non-residential construction accounts for the majority of spending, driven by major projects such as the Long Harbour nickel processing facility, the IOC expansion and the Hibernia South extension. Newfoundland and Labrador accounts for the largest share of major capital project spending planned for the Atlantic Provinces.
Investment in residential construction has also continued to grow, driven primarily by the construction of new dwellings.
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Source: “The Economy 2011: Standing Strong,” Government of Newfoundland and Labrador