Investment in building construction increased slightly in January by 0.5 per cent up to $15.6 billion. On a constant dollar basis, investment was up 0.9 per cent to $12.9 billion compared with December 2019.
Investment in the residential sector remained unchanged in January. Increases in Quebec, British Columbia, and Nova Scotia offset declines in the seven other provinces. Quebec led residential investment in both single-unit dwellings (up 6.6 per cent to $1 billion) and multi-unit dwellings (up 4.7 per cent to $1.3 billion). Investment growth in single-unit dwellings outweighs the lower investment in single-unit dwellings reported in all other provinces.
All three components of non-residential investment were up in January, rising 1.4 per cent to $5.1 billion. Both Quebec and Ontario reported notable growth, while Alberta declined 1.5 per cent to $682.1 million.
The commercial component was the largest contributor to non-residential growth – up 1.8 per cent to $3 billion. Quebec reported the largest gains, primarily due to major projects – such as the National Bank head office in Montreal.
The institutional sector rose 0.9 per cent to $1.2 billion. Toronto helped propel Ontario up 2.8 per cent to $423.8 million. Declines in B.C. and Alberta slightly offset gains in Ontario.
Industrial construction increased 0.8 per cent to $928.3 million – gains in seven provinces outweighed declines in Alberta, Manitoba, and Saskatchewan.