Ottawa, ON — Investment in building construction increased 3.4 per cent to $19.1 billion in January, as reported by Statistics Canada.
Gains were seen in all components and following a slight decline in the summer of 2021, there has been consistent investment increases since October 2021.
For a fourth consecutive month, residential construction investment increased, up 4.1 per cent to $14.1 billion in January.
Investment in single-family homes rose 2.5 per cent to $7.6 billion. Quebec and British Columbia saw the most notable gains and were behind much of the national gain.
Mult-unit construction investment was up 6.0 per cent to $6.5 billion. Saskatchewan was the only one to report a decrease out of all the provinces.
Commercial investment reported its seventh consecutive monthly increase, up 1.8 per cent to $2.8 billion in January. British Columbia (plus 5.0 per cent) and Ontario (plus 2.2 per cent) recorded the highest gains.
Investment in the institutional component increased 0.6 per cent to $1.4 billion in January. Despite declines being reported in seven provinces, Quebec reported the largest gain (up 3.1 per cent) and helped offset the declines.
Industrial construction investment saw its largest monthly increase since mid-2020, up 2.1 per cent to $864 million.
Overall, non-residential construction investment increased 1.5 per cent in January, reaching the $5.0 billion mark for the first time since June 2020.