The Weekly Review, July 29 to August 2, 2024

August 2, 2024, 2:00 p.m. (EDT)

Real gross domestic product grows in May 2024

Real gross domestic product (GDP) grew 0.2% in May, following a 0.3% increase in April. The goods-producing industries grouping (+0.4%) was the main contributor to the overall growth with four of five sectors increasing in May. Services-producing industries edged up 0.1%. Overall, 15 of 20 sectors expanded in May. The manufacturing sector (+1.0%) led the growth in May, up for a second consecutive month. The retail trade sector was the largest detractor to growth in May, contracting 0.9% and more than offsetting the increase recorded the month before.

Source: Gross domestic product by industry, May 2024

Residential and non-residential building construction costs increase in the second quarter of 2024

Residential building construction costs increased 0.8% in the second quarter, following a 1.0% increase in the previous quarter. Non-residential building construction costs rose 1.1% in the second quarter, following a 1.0% increase in the previous quarter. Year over year, construction costs for residential buildings in the 11-census metropolitan area composite rose 4.2% in the second quarter, while non-residential building construction costs saw an increase of 4.3%. Calgary (+7.3%) led year-over-year growth in construction costs for residential buildings, while Saskatoon (+7.0%) led that for non-residential buildings.

Source: Building construction price indexes, second quarter 2024

Canada returns to being a net electricity exporter in May 2024

Production of primary energy increased 4.6% to 1.9 million terajoules in May on the strength of crude oil and natural gas. Secondary energy production fell 4.0% due to a decline in refined petroleum products. Following three consecutive months of electricity imports surpassing exports, Canada returned to being a net electricity exporter in May. Nevertheless, exports of electricity to the United States were down 60.7% year over year to 1.9 million megawatt-hours (MWh) in May, just slightly higher than imports (+65.6% to 1.7 million MWh).

Source: Energy statistics, May 2024

Real gross domestic product of the natural resources sector rises in 2022

Real GDP of the natural resources sector increased across several provinces and territories in 2022, with large increases in Alberta (+5.8%) and Ontario (+3.9%) offset by a decrease in Newfoundland and Labrador (-5.7%). The large growth in Alberta was mainly attributed to increased extraction of crude oil and related energy services. Nationally, natural resources’ real GDP increased 3.1%, compared with a 3.8% increase in economy-wide real GDP, after increasing 6.3% in 2021. In 2022, energy-rich Alberta contributed 38.2% to the overall natural resources GDP in nominal terms, representing a larger share than previous years, owing to a substantial increase in the energy subsector in 2022.

Source: Provincial and Territorial Natural Resources Satellite Account, 2022

Just over half of Canadian households water their lawns

In 2021, the share of households reporting having a lawn ranged from 58% in British Columbia to 86% in Newfoundland and Labrador. About 8 in 10 households in rural areas (80%) reported having a lawn compared with 63% of those in large urban areas. However, households in large urban areas (56%) were much more likely to report watering their lawn in the past year than those in a rural area (19%). Among all households that had a lawn in 2021, just over half (51%) had watered them in the past year, up from 43% in 2015.

Source: Keeping it green: Outdoor water usage of households in Canada

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