December Building Construction Investment Increases

Total investment in building construction increased 1.5 per cent in December, following three consecutive months of declines, says Statistics Canada. Investment in the residential sector reached a record high of $11.1 billion. Non-residential construction investment remained at $4.4 billion for the third consecutive month. Ontario reported the largest gain – up two per cent from November – but this growth was offset by declines reported in five provinces. Investment in commercial building construction edged up 0.3 per cent in December, driven in large part by Ontario's growth in this sector (3.6 per cent to $1.1 billion). The construction of large projects, such as Amazon's Project Python being built in Ottawa, contributed to the rise. Institutional investment (0.9 per cent) also increased in December. British Columbia led the growth with the construction of a new RCMP building in Fort St. John. Conversely, industrial investment edged down 0.2 per cent, with no significant changes reported in any province. Investment in residential construction reached a record high in December, up 1.9 per cent to $11.1 billion. Single-unit investment continued to show strength for the third straight month, up 2.6 per cent. Eight provinces posted gains, with Ontario (2.8 per cent), Quebec (3.1 per cent) and Alberta (4.6 per cent) accounting for the majority of the growth.