The Conference Board of Canada is projecting a Gross Domestic Product growth of three per cent in GDP for Halifax in 2016 following on the heels of a positive year for the municipality’s economy, according to the quarterly economic report released by the Greater Halifax Partnership.
The report says housing starts increased by 57 per cent as of November 2015, compared to the same period in 2014, driven by historic levels of multiunit construction.
From January to November, construction began on 2,000 apartment style units, the third highest year on record. However, construction of single unit housing continued its multiyear slide falling 20 per cent to the end of November compared to the same period in 2014.
On the non-residential side, the annual value of construction grew 21 per cent in 2015. Growth was driven in particular by commercial projects such as the Nova Centre and expansions at Dartmouth Crossing. Strength in the construction sector is expected to continue in 2016.