After experiencing a brief decline due to the COVID-19 pandemic, investment in residential and commercial construction in Niagara has largely recovered and is on the rebound, according to new figures from Statistics Canada.
On Oct. 14, Niagara Region’s Planning and Economic Development Committee received a report from Economic Development staff illustrating how commercial, residential, industrial, and government and institutional construction investment was affected by the initial stages of the pandemic. The data covers the period of January to July 2020 (the most recent month of available data).
- Commercial and residential investment and construction activity were significantly affected in April 2020, but rebounded quickly and have remained stable.
- Industrial, institutional and government construction projects, which are typically larger, fewer and take longer to complete, remained relatively stable throughout the same period.
- 2020 is still on track to be a very strong year with investment and building permit values expected to surpass 2019, which was a record year
It shows promising signs that Niagara maintained its momentum in new investment and development, however economic challenges remain as Niagara faces a second wave of COVID-19 and the economic uncertainty that accompanies it.
The data complements the results of two business impact surveys conducted by the ERRT earlier this year to paint a more fulsome picture of Niagara’s response to COVID-19. A third business impact survey is expected to be completed before the end of the year, as the ERRT continues to provide usable data to help inform Niagara’s economic recovery.
Click to listen to the full 610 CKTB interview with Tim Denis as he talks to Blake Landry Manager of Economic Research and Analysis with the Niagara Region regarding the presentation given to Planning and Economic Development Committee that gives an update on COVID-19’s impact on investment and development in Niagara.
Quotes
“Niagara’s business community continues to face significant challenges in its recovery from COVID-19. This report underscores the importance of providing timely, accurate economic data, and we hope this analysis will help encourage a data-driven approach to Niagara’s continued economic response the pandemic. ” – Valerie Kuhns, Acting Director, Niagara Economic Development
Contact
Andrew Korchok Communications Consultant Niagara Region 905-329-1642 andrew.korchok@niagararegion.ca