HPAC Magazine

Slight Rise in Building Construction Investment in February

By HPAC Magazine   

Construction commercial construction housing industrial institutional residential

Nova Scotia recorded its largest monthly dollar increase for the single-family construction investment since March 2013.

According to the latest from Statistics Canada, investment in building construction across the country went up 1% to $20.6 billion in February over the previous month. The residential sector rose 1.1% to $15.0 billion, while the non-residential sector was up 0.8% to $5.6 billion.

Nova Scotia leads Residential Segment

Single-family home investment nationwide contributed the most to the month-over-month growth (+1.3%; +$102.8 million), with Nova Scotia recording its largest monthly dollar increase for the single-family component since March 2013 (+19.9%; +$47.5 million).

Multi-unit residential construction investment increased 0.8% to $6.9 billion, mostly driven by Ontario (+7.6%), while Quebec continued to contract with its ninth consecutive decline since reaching its peak in May 2022.

Non-residential Continues Positive Run

Ontario led the gains in every component of investment in non-residential construction.

The industrial sector rose 1.1% to $1.1 billion in February and was up 23.1% year over year nationwide. This was the 15th consecutive monthly increase. StatsCan notes that the steady increase was largely driven by mining and agriculture, up 61.1% from December 2021 to February 2023 on an unadjusted basis.

Commercial construction investment was relatively flat in February, up 0.5% to $3.1 billion. Both Ontario and Manitoba continued to climb for the sixth consecutive month.

And institutional construction investment was up 1% to $1.4 billion in February. The construction start of an educational building in Kelowna, B.C. contributed to the overall growth in the month.

housing statistics



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