Ottawa, ON — Investment in building construction increased 4.5 per cent to $20.4 billion in March, reports Statistics Canada.
Overall, investment in the residential building construction sector increased 5.4 per cent to $14.3 billion. Increases were seen in seven provinces, with Quebec (up 9.2 per cent) and Ontario (up 6.5 per cent) leading the way.
Investment in detached single-family homes increased across Canada, up 6.5 per cent to $7.3 billion in March. Additionally, multi-unit investment was up 4.4 per cent to $7.0 billion.
This marked the third straight quarter of an increase in investment for residential building construction, up one per cent to $56.7 billion.
The non-residential sector also saw increased building construction investments, up 2.3 per cent to $6.1 billion in March.
Industrial investment grew 3.1 per cent, while investments in the commercial component rebounded after eight straight months of declines, up 2.0 per cent.
Additionally, investment in the institutional component grew 2.1 per cent to $1.8 billion in March, a record high. As a whole, investment in the non-residential sector edged up 0.2 per cent to $18.1 billion in the first quarter.