Canadian Investment in Building Construction Increased in April
Investment in building construction, April 2023
Statistics Canada (StatCan) reported Thursday (6-15-23) that investment in building construction increased by 0.4% to $20.3 billion (CAD) in April. On a constant dollar basis (2012-100), investment in building construction rose 2.3% to $11.8 billion.
Investment in residential building construction was down 0.7% to $14.4 billion in April. Investment in single-family homes decreased 2.1% to $7.7 billion, marking its lowest level since November 2021. Multi-unit construction increased 0.8% to $6.7 billion and has remained in close proximity to this value level since December 2022.
Investment in non-residential building construction increased 3.4% to $5.9 billion in April. This was the largest recorded monthly increase in the non-residential building sector since June 2020. The increase follows a 32.0% monthly increase in the value of building permits reported by StatCan in March, when it reached record-high levels.
Industrial construction investment grew by 5.4% to $1.2 billion. Commercial construction investment increased 3.7% to $3.2 billion, marking the eleventh consecutive monthly increase for this component. Institutional construction investment increased 1.2% to $1.4 billion.
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