Investment in Canadian Building Construction Increased in All Sectors in January 2022

Statistics Canada (StatsCan) reported today (3-14-22) that investment in building construction increased 3.4% to $19.1 billion (CAD) in January 2022, with gains posted in all components. On a constant dollar basis (2012=100), investment in building construction increased 4.0% to $12.1 billion. Since a slight retreat in the summer of 2021, there have been steady building construction investments increases since October 2021.

Residential construction investment rose 4.1% to $14.1 billion in January, marking a fourth consecutive monthly increase. The gains reflected high levels of construction intentions in the fourth quarter of 2021. Investment in single-family homes was up 2.5% to $7.6 billion, with Quebec and British Columbia behind much of the national gain. Multi-unit construction investment increased 6.0% to $6.5 billion.

Commercial investment posted its seventh consecutive monthly increase, growing 1.8% to $2.8 billion in January. The commercial component showed sustained growth over the past few months, particularly for office buildings and warehouses. Investment in the institutional component advanced 0.6% to $1.4 billion in January. Quebec (+3.1%) posted the largest gain, helping to offset declines reported in seven provinces. Industrial construction investment rose 2.1% to $864 million, the largest monthly increase since mid-2020. Overall, non-residential construction investment increased 1.5% in January, reaching the $5.0 billion mark for the first time since June 2020.