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Apr 13, 2023

Residential Sector Leads Building Construction Investment

Investment in building construction went up one per cent to $20.6 billion in February with all components posting gains, says Statistics Canada. The residential sector rose 1.1 per cent to $15 billion, while the non-residential sector was up 0.8 per cent to $5.6 billion. Investment in residential building construction contributed the most to the growth with single-family home investment (up 1.3 per cent to $102.8 million) contributing the most. Most notably, Nova Scotia recorded its largest monthly dollar increase for the single-family component (19.9 per cent to $47.5 million) since March 2013. Multi-unit construction increased 0.8 per cent to $6.9 billion, mostly driven by Ontario. On the other hand, Quebec continued to contract, with its ninth consecutive decline since reaching its peak in May 2022. In non-residential construction, Ontario led the gains in every component. Industrial construction investment rose 1.1 per cent to $1.1 billion in February and was up 23.1 per cent year over year. This was the 15th consecutive monthly increase. Commercial construction investment was relatively stable in February, up 0.5 per cent to $3.1 billion. Both Ontario and Manitoba continued to climb for the sixth consecutive month. Institutional construction investment was up one per cent to $1.4 billion in February. However, Newfoundland and Labrador posted its 16th consecutive monthly drop in February, leading to its lowest recorded value since June 2018.

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