Canadian Total Investment in Building Construction Increases 6.3% in April

Statistics Canada (StatsCan) is reporting that total investment in building construction increased 6.3% to $19.9 billion (CAD) in April. Residential construction investment continues to lead the way, rising for the 12th consecutive month. Nonresidential construction, on the other hand, still has not fully recovered to pre-COVID-19 levels but did post an increase of 0.9% this month. Residential construction reported an 8.1% gain, bringing total investment to $15.3 billion (CAD) in April. Investment for single-family homes was up 8.9%, as all provinces except Nova Scotia posted increases. Ontario accounted for the majority of the growth (+12.8%), driven by renovation projects in the census metropolitan area (CMA) of Toronto and new construction in the CMA of Hamilton. Prince Edward Island reached a record high in this component, surging 84.0% to $101 million (CAD), mainly attributable to renovation projects in the province. Multi-unit construction rose 7.2% to $6.7 billion (CAD) in April, thanks to large multi-unit projects underway in Quebec and B.C. Non-residential construction investment advanced 0.9% to $4.6 billion (CAD) in April, continuing to post small gains for the fifth consecutive month.