Investment in Canadian Building Construction Increases 1.8% in January

On Monday, Statistics Canada (StatCan) reported that overall investment in Canadian building construction increased 1.8%, or CA$393.7 million, to $22.1 billion in January.

On a constant dollar basis (2017=100), investment in building construction increased 1.5% to $13.2 billion in January and was up 2.5% year-over year.

Residential

Investment in residential building construction rose 2.3%, or $342.0 million, to $15.4 billion in January. Gains in four provinces and two territories were led by Ontario’s 6.3% increase ($354.8 million), partially offset by Manitoba’s 12.3% decline ($61.6 million).

Investment in multi-unit construction was up $497.5 million to $8.2 billion.

Single-family home investment contracted $155.5 million to $7.2 billion, with declines being recorded in eight provinces and one territory.

Nonresidential

Investment in nonresidential construction increased $51.7 million to $6.7 billion in January, marking the sixth consecutive monthly increase. Much of the recent growth stemmed from the institutional and industrial components, which both reached a record high in January.

The institutional component rose $38.8 million to $2.0 billion. Gains were recorded in six provinces and three territories.

Investment in the industrial component increased $22.5 million to $1.5 billion.

The commercial component decreased $9.5 million to $3.3 billion, following five consecutive monthly increases. Declines occurred in six provinces and two territories.