Canadian Investment in Building Construction Rises in February, Setting New Record High

Statistics Canada (StatsCan) reported today (4-13-22) that the investment in building construction in February rose 4.0% to $20.0 billion (CAD), a new record high. Most provinces reported gains, with Quebec accounting for nearly 50% of the increase. On a constant dollar basis (2012=100) investment in building construction increased 3.9% to $12.7 billion.

Overall, residential construction investment increased 5.0% to $14.9 billion in February. February’s increase in residential construction marks the eighth consecutive month of growth. Investment in single-family homes was up 4.9% to $8.0 billion, with increases posted in seven provinces. Multi-unit construction investment increased 5.1% to $6.9 billion, driven primarily by strong gains in Quebec (+16.8%). Conversely, Saskatchewan declined for a third straight month as it returned to more historic levels.

Overall, non-residential construction investment increased 1.1% to $5.1 billion in February. Commercial investment increased by 1.0% to $ 2.8 billion. Industrial construction investment climbed 2.8% to $893 million, with Ontario (+3.3%) and Quebec (+4.5%) accounting for over 90% of the national gain. Investment in the institutional component was basically unchanged in February, up only 0.1%.