January a good month for building construction investment

Investment in residential building construction, January 2023. (Source: Statistics Canada, Table 34-10-0175-01–Investment ...
builderkp

20220718 175041000 iOS - January a good month for building construction investment

Investment in residential building construction, January 2023. (Source: Statistics Canada, Table 34-10-0175-01–Investment in Building Construction)

Investment in building construction increased 1.5 per cent in January, landing at $20.4 billion, reports Statistics Canada. All components posted gains for the month. The residential sector was up 1.9 per cent, reaching $14.9 billion, while the non-residential sector was up a half-per-cent, hitting $5.6 billion.

The jump in residential building construction was a welcomed rebound following the four consecutive monthly declines recorded to end 2022. Single-family home investment was up 2.4 per cent to $8 billion. Multi-unit construction increased 1.3 per cent to $6.8 billion. Ontario accounted for much of the gains for both segments.

The non-residential construction generated small monthly gains but continued to climb in January. Industrial construction investment rose 1.1 per cent on the month, reaching $1.1 billion. That was a rise of 25 per cent over January of 2022, and the 14th consecutive monthly increase.

Commercial construction edged up 0.1 per cent to sit at $3.1 billion. And institutional construction investment was up 0.7 per cent as it reached $1.4 billion. Overall, eight provinces reported gains in institutional values, with New Brunswick posting its eighth consecutive monthly increase. Conversely, Newfoundland and Labrador posted its 15th consecutive monthly drop.

 

www.statcan.gc.ca





This article was originally posted at Source link

Leave a Comment