What is the Commercial Market doing? Construction Employment - August 2011

Construction employment us typically a bellwether of future real estate market activity. Here is the latest data from Statistics Canada, analyzed by Royal Pacific Realty Group.
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Lower Mainland-Southwest Region

Monthly Numbers

• Construction employment increased 2.2% in August from July in the lower mainland-southwest region. Year-over-year, employment in construction increase 22.9% or by 25,600 persons. Year-to-date employment was a healthy 12.4% higher.
• Metro Vancouver construction employment increased 1.2% to 114,100 persons in August. Year-over-year employment was up 26.1%. Year-to-date employment was 13.7% higher. 
• B.C.’s (seasonally adjusted) employment bounced back 3.1% higher to 210,000 in August. Year-over-year employment in B.C. was up 14.1% or 27,500 persons. Year-to-date employment was 5.6% higher than last year.

Analysis

• We have another record high set in regional construction employment. August employment is 6,700 persons or 5.1% higher than the pre-recession set in September 2008. This is the second consecutive record-breaking month.
• The construction industry is the leading job creator of all of our main industries in the region this year.
• Metro Vancouver construction employment posted its sixth consecutive monthly gain ending August at another record high.  

Outlook

• The outlook for the rest of 2011 is positive and going into 2012 as well.   Building permits have increased 10% so far this year with growing activity in the commercial and industrial sectors.
• Residential construction is creating jobs with housing starts up 20% this year.
• The seasonal influence in construction activity and employment will continue to remain positive until September when poorer weather will slow activity.
• For 2011, regional construction employment is at 121,000 from 108,000 in 2010 for a 12% increase.

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