Residential builds giving boost to Langley economy

Jobs and wages are growing in Langley’s residential construction industry.

Neil Moody is the chief executive officer for the Canadian Home Builders Association of B.C.

Residential construction accounted for 4,650 on- and off-site jobs and generated $271 million in wages in Langley last year – alone.

Statistics released this week by the Canadian Home Builders Association indicate construction jobs have increased 15.5 per cent (137,129 jobs in 2015 compared to 158,438 in 2016) in new construction, renovation, and repair in this province, BC CEO Neil Moody said.

“The industry continues to lead as one of the largest employers in the province, and is a key contributor to B.C.’s strong economy,” he said.

“Where there’s a house, there’s a home building company that has created local jobs and economic opportunities.”

He described the residential construction industry as “essential” to Langley’s long-term economic strength and prosperity.

“This growth goes beyond just home building companies. Tradespeople, local businesses, suppliers, and other off-site jobs also benefit from the current demand for housing in B.C.,” said Moody.

Each year, estimates of the economic contribution of new construction, renovation and residential activity are made available using the most recent Canada Mortgage and Housing Corporation and Statistics Canada data.

Wages have increased to $9.2 billion, an increase of 16.5 per cent. Investment value has risen to $23.1 billion from $19.0 billion, an increase of 21.5 per cent. The investment value of new homes, renovations and repairs in 2016 is based on Statistics Canada Building Permits data, which do not include land value generated.

Will Dunning Economic Research conducts the analysis for the CHBA.