Investment in building construction marked yet another increase in April, rising by 6.3% amid a strong jump in investments towards residential construction.
According to Statistics Canada, investment in building construction totalled $19.9 billion, as the residential construction sector rose for the twelfth consecutive month. In comparison, non-residential construction has yet to reach its pre-pandemic levels.
Residential construction was up 8.1% to $15.3 billion in April, as investment for single-family homes rose 8.9% with nine of the ten provinces posting increases. Ontario mostly accounted for the jump, amid an onslaught of renovation projections across the Toronto region. Likewise, multi-unit construction grew 7.2% to $6.7 billion, with Quebec noting the largest jump.
On the other hand, investment in non-residential construction advanced by only 0.9% in April to $4.6 billion, marking the fifth straight month of modest gains. Institutional construction rose 1.4% to $1.2 billion, while industrial construction investment increased 1.8% to $847 million.
Information for this briefing was found via Statistics Canada. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.