Building construction investment values up across the board
By Adam FreillConstruction
Statistics Canada reports investment in building construction grew in all sectors in February, adding to cumulative growth in most segments.
All segments of Canada’s construction sector saw gains in the investment in building construction in February, says Statistics Canada. Month-to-month gains were not massive, as the overall figure bumped up by one per cent to $20.6 billion, but year-over-year gains were significant in many segments, especially on the non-residential side, which posted a ninth straight monthly increase.
Overall, investment in non-residential construction increased by 0.8 per cent to $5.6 billion in February. Ontario led the gains in every component.
Industrial construction saw a monthly gain of 1.1 per cent to reach $1.1 billion in February but was up 23.1. per cent year over year as it continued to ride the rising wave of fifteen consecutive monthly increases.
Commercial construction was relatively stable in February, popping up by a half per cent to $3.1 billion. Compared to a year earlier, the gain was 8.4 per cent. Both Ontario and Manitoba continued to climb for the sixth consecutive month.
Institutional construction investment was up by one per cent, hitting $1.4 billion in February as the start of an educational building in Kelowna, B.C., helped contribute to growth. The institutional segment is up marginally (1.4 per cent) compared to 2022.
On the residential side, single-family home construction in Nova Scotia helped drive residential investment, which advanced 1.1 per cent to $15 billion. The single-family home segment was up 1.3 per cent, gaining $102.8 million over January. Multi-unit construction increased 0.8 per cent to reach $6.9 billion. Most growth was seen in Ontario, which rose 7.6 per cent. On the other end of the spectrum, Quebec continued to contract, as it posted a ninth consecutive decline since reaching a peak in May 2022.