Investment in Canadian building construction up 1.5 percent in December

Investment in Canadian building construction up 1.5 percent in December

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According to Statistics Canada, total investment in building construction increased 1.5 percent in December, following three consecutive months of declines. Investment in the residential sector reached a record high of $11.1 billion.

In December, non-residential construction investment remained at $4.4 billion for the third consecutive month. Ontario reported the largest gain—up 2.0 percent from November—but this growth was offset by declines reported in five provinces.

Investment in commercial building construction edged up 0.3 percent in December, driven in large part by Ontario’s growth in this sector (+3.6 percent to $1.1 billion). The construction of large projects, such as Amazon’s Project Python being built in Ottawa, contributed to the rise.

Institutional investment (+0.9 percent) also increased in December. British Columbia led the growth with the construction of a new RCMP building in Fort St. John.

Conversely, industrial investment edged down 0.2 percent, with no significant changes reported in any province.

Investment in residential construction reached a record high in December, up 1.9 percent to $11.1 billion. Single-unit investment continued to show strength for the third straight month, up 2.6 percent. Eight provinces posted gains, with Ontario (+2.8 percent), Quebec (+3.1 percent) and Alberta (+4.6 percent) accounting for the majority of the growth. Newfoundland and Labrador posted a decline in this component for the second straight month resulting from high-value renovation projects coming to a close.

Nationally, multi-unit investment increased 1.2 percent. Notable growth was reported in Ontario and British Columbia, attributable primarily to condominium and apartment building construction.

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