Why is this measurement important?
Construction activity contributes to Chatham-Kent's economy through the Gross Domestic Product and total employment. Construction activities also indicate the investment attractiveness of a community. The value and type of construction activity is a good measure of investment in the community in terms of amount ($) and type (residential, industrial, commercial and institutional). The data is also used for forecasting and budgeting purposes when determining infrastructure demands and developing other policies.
How is this measured?
The construction activity represents total construction value year-to-date. The data is based on annual building permit activity summaries.
What progress are we making?
Construction activity may fluctuate from year-to-year due to short and long-term community needs, and market demands. It is also affected by the supply and demand of residential, commercial, institutional and industrial properties.
Why is this important to creating an economic prosperous community?
Building permit data is a leading indicator for the construction industry since the issuance of a building permit is one of the first steps in the construction process. Tracking the value and number of permits provides information on investment trends in Chatham-Kent.
Growing economies will show an increase in the trend line as consumers invest when they view the community in a growth mode and multiple factors related to their finances.
This indicator is used by a wide range of economists, construction industry analysts, housing market analysts and economic development officers across Canada.