Investment In Building Construction Rises

Investment in building construction increased 1.5 per cent to $20.4 billion in January, with all components posting gains, says Statistics Canada. Investment in residential building construction grew by 1.9 per cent to $14.9 billion in January after posting four consecutive monthly declines at the end of 2022. Single-family home investment was up 2.4 per cent to $8 billion, while multi-unit construction increased 1.3 per cent to $6.8 billion, mostly driven by Ontario with gains of 5.2 per cent. Quebec saw its eighth consecutive decline in this segment since reaching its peak in May 2022. Investment in non-residential construction rose 0.5 per cent to $5.6 billion. Industrial investment was up 1.1 per cent to $1.1 billion. The commercial segment remained stable, rising 0.1 per cent to $3.1 billion, and institutional construction investment was up 0.7 per cent to $1.4 billion.