Building construction investment values rise 1% in February
Investment in building construction increased by 1% to $20.6 billion in February, as all components posted gains over the previous month.
The latest data from Statistics Canada shows investment values in the residential sector rose by 1.1% to $15.0 billion, while investment in the non-residential sector grew by 0.8% to $5.6 billion.
In the residential sector, single-family home investment (+1.3%; +$102.8 million) contributed most to the growth. Nova Scotia in particular recorded its largest monthly dollar increase for the single-family component (+19.9%; +$47.5 million) since March 2013.
The value of multi-unit construction increased 0.8% to $6.9 billion, mostly driven by Ontario (+7.6%). On the other hand, Quebec continued to contract, with its ninth consecutive decline since reaching its peak in May 2022.
Meanwhile investment in non-residential construction rose for ninth consecutive month. Ontario led the gains in every component.
Industrial construction investment rose 1.1% to $1.1 billion in February and was up 23.1% year over year. This was the 15th consecutive monthly increase. The steady increase was largely driven by the mining and agriculture subcomponent, up 61.1% from December 2021 to February 2023 on an unadjusted basis.
Commercial construction investment was relatively stable in February, up 0.5% to $3.1 billion. Both Ontario and Manitoba climbed for the sixth consecutive month.
Institutional construction investment was up 1.0% to $1.4 billion in February. The start of work on an educational building in Kelowna, British Columbia helped contribute to the overall growth in the month.
Conversely, Newfoundland and Labrador posted its 16th consecutive monthly drop in February, leading to its lowest recorded value since June 2018.