Investment in building construction jumped again in March, largely led by the residential sector.
According to Statistics Canada, total investment in building construction rose 5.9% in March, to $18.6 billion. Residential construction led much of the increase, rising 7.6% to $14 billion— the eleventh straight month of gains. Investment in single-family homes was up 10.7% to $7.8 billion, with Quebec accounting for much of the increase.
Multi-unit construction investment rose to $6.2 billion, marking an increase of 3.9%. Both Quebec and Ontario led the gains in this category, while six other provinces noted declines. New construction and renovations of condo buildings in the cities of Montreal and Toronto were responsible for most of the growth.
In the meantime, non-residential construction investment inched higher by 1.1% to $4.6 billion, as all components noted slight increases. However, despite the March increase, both industrial and commercial investment components still remain below pre-pandemic levels.
Institutional construction investment inched 2.2% higher to $1.2 billion, with several high-value projects in Montreal contributing to the rise. Commercial building construction increased 0.8% to $2.6 billion, with six of the ten provinces noting some slight gains. Similarly, building investment in industrial construction edged 0.4% to $823 million in March.
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.
