Investment in building construction hits $20 billion
By Adam FreillCommercial Construction Industrial Institutional Residential
Both residential and non-residential sectors on the rise in February.
According to data compiled by Statistics Canada, investment in building construction increased four per cent in February, reaching $20 billion for the first time. Most provinces reported gains, with Quebec accounting for over half of the increase.
The non-residential sector was on the rise for an eighth straight month in February, increasing 1.1 per cent to $5.1 billion. Commercial investment reached $2.8 billion; the institutional component was almost unchanged, inching up to $1.4 billion; and industrial construction rose almost three per cent to $893 million.
Residential construction also continued to show strength. Construction values for single-family homes rose almost five per cent, to $8.0 billion in February. The multi-unit construction segment increased by slightly more than five per cent, reaching $6.9 billion and being primarily driven by strong gains in Quebec.
Overall, residential construction investment rose to $14.9 billion in February.