On-Site Magazine

Gains posted in building construction spending in March

By Adam Freill   

Commercial Construction Industrial Institutional Residential

Growth in residential sector components, as well as in non-residential investment from February, bring total investment up for the month.

Investment in non-residential building construction, March 2024. (Source: Statistics Canada, Table 34-10-0286-01 – Investment in Building Construction.)

Month over month, investment in building construction increased 4.5 per cent to $20.4 billion in March, reports Statistics Canada. The residential sector rose 5.4 per cent to $14.3 billion, while the non-residential sector posted a 2.3 per cent gain to land at $6.1 billion..

Nationally, investment in detached single-family homes grew 6.5 per cent to $7.3 billion in March, up for the eighth consecutive month. Multi-unit investment was up 4.4 per cent to $7.0 billion. Gains in Ontario and British Columbia were slowed by smaller declines in five other provinces.

Non-residential construction investment was up across all components. Industrial investment rose 3.1 per cent to $1.3 billion, and investment in the commercial component rebounded after eight consecutive months of declines to post a two per cent gain, reaching $3.0 billion. Notably, investment in the institutional component grew 2.1 per cent to reach $1.8 billion in March, a record high. The monthly increase recorded in March was the ninth monthly increase in a row.

Looking at quarterly figures, investment in building construction rose for the third straight quarter, gaining one per cent to hit $59.7 billion.

Advertisement

Residential building construction permits increased 1.4 per cent to $41.6 billion in the first quarter as gains in the single-family homes component more than offset the three per cent decline in the multi-unit component.

Investment in the non-residential sector edged up 0.2 per cent to $18.1 billion in the first quarter. Growth in the institutional component, up 7.2 per cent, and industrial component, which rose two per cent, were dragged down by a drop of 4.1 per cent in the commercial segment.

 

www.statcan.gc.ca

Advertisement

Stories continue below