The remaining useful service life ratio of non-residential capital stock edged down from 63.4% in 2022 to 63.3% in 2023, resulting from a slowdown in investment. This was the eighth consecutive decline in the ratio and its lowest level since 2009. A decrease in the remaining useful service life ratio could indicate that new capital investment is required.
The provinces and territories rich in natural resources recorded the highest decreases in the remaining useful service life ratio in 2023: Newfoundland and Labrador (-0.9 percentage points), Saskatchewan (-0.8 percentage points), Alberta (-0.8 percentage points), and Nunavut (-0.9 percentage points). Meanwhile, increases were seen in Prince Edward Island (+0.5 percentage points), Nova Scotia (+0.3 percentage points), Quebec (+0.3 percentage points), Ontario (+0.1 percentage points), British Columbia (+0.7 percentage points) and Yukon (+0.6 percentage points).
The aggregate remaining useful service life ratio varied across Canada in 2023, ranging from a low of 49.8% in the Northwest Territories to a high of 67.4% in British Columbia. The remaining useful service life ratio increased the most in British Columbia due to investments in construction related to the liquified natural gas terminal near Kitimat.
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