Building Construction Investment Strengthens
Total investment in building construction increased 12 per cent to $14.9 billion in June, following the 62.2 per cent gain observed in May, says Statistics Canada. Although COVID-19-related workplace guidelines remained in place for June, construction sites were largely back to normal activity, which contributed to gains in all components of residential and non-residential investment. Despite June's growth, investment in building construction remained 3.1 per cent lower than February, before COVID-19-related restrictions were first put in place. Investment in residential construction rose 12.2 per cent to $9.4 billion in June, with gains in both single-unit (+13 per cent to $4.7 billion) and multi-unit (+11.4 per cent to $4.7 billion) investment. Ontario and Quebec led all provinces in growth for the month, while Saskatchewan was the only province to report a decline. Non-residential construction investment increased 11.6 per cent to $5.5 billion in June. Strong gains in Ontario and Quebec led to national growth in all components of non-residential investment, outweighing declines reported in all other provinces for the month.