Total Investment in Building Construction in Canada Hits New All-Time Record of $16.0 Billion

Statistics Canada (StatsCan) is reporting today (3-8-21), that total investment in building construction reached $16.0 billion for the first time on record, up 2.8% from December 2020, based on continued strength in the residential sector. Non-residential construction investment held steady for the fourth consecutive month at $4.4 billion in January. Investment in residential construction rose 3.9% to $11.6 billion in January, following a record high in December 2020. Gains were reported in every province except Manitoba. Ontario was the largest contributor, accounting for over one-third of the growth. A fourth consecutive monthly increase was reported in single-unit construction investment, up 4.0%. With the exception of a large drop in April 2020 related to the COVID-19 pandemic, this component has increased eight times in the last nine months. Multi-unit construction investment increased 3.7% on sustained growth in new construction and renovations in large condominium apartment projects.