January 2022 Investment in non-residential building construction. @StatisticsCanada
OTTAWA – According to Statistics Canada‘s recent release, Canadian investment in building construction increased 3.4 per cent to $19.1 billion in the month of January, with gains posted in all components.
Following a slight pullback in the summer of 2021, there have been steady investment increases since October 2021.
On a constant dollar basis (2012=100), investment in building construction increased 4.0 per cent to $12.1 billion.
Residential Construction
Residential construction investment rose 4.1 per cent to $14.1 billion in January, a fourth consecutive monthly increase. The gains reflected high levels of construction intentions in the fourth quarter of 2021.
Investment in single-family homes was up 2.5 per cent to $7.6 billion, with Quebec and British Columbia behind much of the national gain.
Multi-unit construction investment increased 6.0 per cent to $6.5 billion. Saskatchewan was the only province to post a decrease due to a combination of maturing projects and a lower level of new permits.
Commercial Investment
Commercial investment posted its seventh consecutive monthly increase (+1.8 per cent to $2.8 billion) in January, led by Ontario (+2.2 per cent) and British Columbia (+5.0 per cent). The commercial component showed sustained growth over the past few months, particularly for office buildings and warehouses.
Investment in the institutional component advanced 0.6 per cent to $1.4 billion in January. Quebec (+3.1 per cent) posted the largest gain, helping to offset declines reported in seven provinces.
Industrial construction investment rose 2.1 per cent to $864 million, the largest monthly increase since mid-2020.
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.
