Building Construction Investment Climbs

Investment in building construction increased by 1.8 per cent to $20.3 billion in March, says Statistics Canada. Gains were reported in both the residential (+1.7 per cent) and the non-residential (+2 per cent) sectors. Residential construction investment in March rose for a sixth consecutive month, up 1.7 per cent to $15.1 billion. Ontario contributed about three-quarters of the monthly increase, bringing the national total to just below the record high reached in April 2021. Investment in single family homes increased 4.3 per cent to $8.4 billion, with Ontario (+6.2 per cent) leading the gains. Multi-unit construction investment decreased 1.4 per cent to $6.7 billion in March. This ended five months of consecutive growth for the component, as declines in six provinces more than offset the strong gains reported in British Columbia (+3.8 per cent). Investment in the non-residential construction sector was up two per cent in March compared with February, a ninth consecutive monthly increase. Quebec accounted for more than half of the gain. Commercial investment gained 2.4 per cent to $2.9 billion and investment in industrial construction increased 1.9 per cent to $910 million. The total value of investment in building construction increased 9.2 per cent to $59.7 billion in the first quarter of 2022. Almost all of the first quarter's overall gains were in the residential sector, which jumped 11 per cent to $44.4 billion, while the non-residential sector rose by 4.3 per cent to $15.3 billion.