7 up for non-residential construction sector
By Adam FreillCommercial Construction Industrial Institutional Residential
StatCan reports December gains paced non-residential construction investment to seventh straight month of increases.
Investment in non-residential construction was up 0.8 per cent in December, reaching $5.6 billion for the month. That marked the seventh straight month of growth.
Ontario accounted for most of the positivity as it led gains in each component. Industrial construction investment increased for the 13th month in a row, rising just over two per cent to $1.1 billion. Ontario and Quebec, as well as the overall industry, continued to post record highs.
Commercial construction investment remained relatively stable for the month, up a sliver to come in at $3.1 billion as growth in Ontario offset declines in seven other provinces. And institutional construction investment increased by 1.5 per cent to sit at $1.4 billion, a monthly value that the sector has been within close range to since October of 2021.
Overall investment in building construction was not as positive as the residential sector faced challenges to end the year. The blended residential and non-residential figures decreased 1.3 per cent to $20.2 billion in December, while the residential sector declined 2.1 per cent to come in at $14.6 billion.
Investment in construction of single-family homes fell for a fifth consecutive month, while investment in multi-unit construction decreased by 3.9 per cent. Ontario posted its largest decline in the multi-unit component, a drop of 8.1 per cent, since early in the COVID-19 pandemic.