Total Cost of Residential Construction for Canada
OPCNRE01CAM661N • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
104.62
Year-over-Year Change
3.55%
Date Range
1/1/1981 - 12/1/2016
Summary
The 'Total Cost of Residential Construction for Canada' metric measures the overall costs associated with constructing new residential housing in Canada. This key economic indicator is closely watched by policymakers and market analysts to gauge the health of the country's housing sector.
Analysis & Context
This economic indicator provides valuable insights into current market conditions and economic trends. The data is updated regularly by the Federal Reserve and represents one of the most reliable sources for economic analysis.
Understanding this metric helps economists, policymakers, and investors make informed decisions about economic conditions and future trends. The interactive chart above allows you to explore historical patterns and identify key trends over time.
About This Dataset
This series tracks the total costs incurred in the construction of new single-family homes, townhouses, and other multi-unit residential buildings in Canada. It encompasses a range of expenses including labor, materials, and other inputs. This metric provides valuable insights into construction industry trends and the broader state of the Canadian housing market.
Methodology
The data is collected and calculated by Statistics Canada through surveys of construction companies and builders.
Historical Context
Trends in residential construction costs are closely monitored by the Bank of Canada and other economic institutions to inform policy decisions and market forecasts.
Key Facts
- The metric tracks expenses for both single-family and multi-unit residential construction.
- Construction costs are a leading indicator of broader housing market conditions.
- Policymakers use this data to assess inflationary pressures and the health of the housing sector.
FAQs
Q: What does this economic trend measure?
A: This metric measures the total costs associated with constructing new residential housing in Canada, including single-family homes, townhouses, and multi-unit buildings.
Q: Why is this trend relevant for users or analysts?
A: Trends in residential construction costs provide valuable insights into the state of the Canadian housing market and broader economic conditions. This data is closely watched by policymakers, economists, and market analysts.
Q: How is this data collected or calculated?
A: The data is collected and calculated by Statistics Canada through surveys of construction companies and builders.
Q: How is this trend used in economic policy?
A: The Bank of Canada and other economic institutions monitor this metric to inform policy decisions and market forecasts, as construction costs are a leading indicator of broader housing market conditions.
Q: Are there update delays or limitations?
A: The data is published on a monthly basis, with a typical release lag of 6-8 weeks. There may be revisions to previous months' figures as new information becomes available.
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Citation
U.S. Federal Reserve, Total Cost of Residential Construction for Canada (OPCNRE01CAM661N), retrieved from FRED.