Economic research firm, Will Dunning Inc, recently completed and published a report studying the direct economic impact residential construction has on the construction industry, as well as the indirect impact it has on supportive industries.
Will Dunning conducted the research on behalf of the Canadian Home Builders Association, analyzing several cities throughout the country, including Lethbridge.
| New Residential Construction | Residential Renovations | Other Related Expenditures | Total | |
| Value of construction millions of $’s |
$160 | $162 | $26 | $348 |
| Jobs created (total person years) | ||||
| Direct (construction) | 640 | 650 | 110 | 1,400 |
| Indirect (in AB) | 310 | 320 | 50 | 680 |
| Indirect (outside AB) | 230 | 240 | 40 | 510 |
| Total | 1,180 | 1,210 | 200 | 2,590 |
| Total wages generated millions of $’s |
$74 | $76 | $13 | $163 |
This isn’t that surprising. We didn’t realize the local industry has a value of nearly $350 million, but we work with homeowners every day, so we know that home ownership has a significant impact, whether it’s someone building a new home or renovating an old one.
Since home construction will likely play a huge role in the local economy for the foreseeable future, if you want to become a part of it, let us know and we can help you discover what options are best for you.