Investment in building construction hits $20 billion

(Source: Statistics Canada, Table 34-10-0175-01, April 14, 2022. Reproduced and distributed on an “as is” basis with the permission of Statistics Canada.)

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.

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