Housing construction increase continues into 2016

New housing is being built in Prince Edward Island even faster than in 2015, Finance Minister Allen Roach says.

“The rebound in housing construction that began in mid-2015 has continued into the first half of 2016, and at an even faster pace,” Minister Roach said. “Combined with the highest business confidence in Canada, ever-increasing retail sales and motor-vehicle purchases, and stable bond ratings from outside credit agencies, this shows that the economy is strong on Prince Edward Island.”

Housing starts increased 16.7 per cent in the first six months of 2016 compared to the same period in 2015. In addition, the value of residential building permits issued so far in 2016 is 28.9 per cent higher than in the first half of last year.

These gains build on the 9.2 per cent annual increase in new housing construction in 2015.

Economic indicators for the province are frequently updated and available at www.princeedwardisland.ca/sites/default/files/publications/pt_pei_indctrs_2.pdf.