Statistics Canada’s latest release reporting monthly investment in building construction across the country shows an overall increase of 4% in February compared to January, with investment in building construction reaching the level of $20 billion. That’s a 19% year-over-year increase from last February’s record production of $16.8 billion.
Gains were reported in both the residential and non-residential sectors, and most provinces reported increases, with Quebec accounting for more than 50% of the overall monthly increase.
The increase in building construction investment in February is in line with the record value of building permits issued in the same month, which rose 21% from January to $12.4 billion.
Residential construction continues to show its strength
Investment in the construction of single-family homes rose 4.9% to $8 billion in February, with increases reported in seven provinces, Ontario (+5.3%) and Quebec (+8 .2%) in the lead.
Multi-unit housing construction rose 5.1% to $6.9 billion, with Quebec (+16.8%) leading the way. Not all provinces saw increases in collective housing, with Saskatchewan declining for a third straight month, returning to more historic levels, after higher investment in October and November 2021.
Overall investment in residential construction rose 5% to $14.9 billion in February.
The non-residential sector increases for an eighth consecutive month
Although not as buoyant as the housing sector, investment in non-residential construction rose 1.1% to $5.1 billion in February.
Business investment rose 1% to $2.8 billion, led by Alberta (+3.2%). The only two provinces that posted declines in this area were New Brunswick and Manitoba.
Investment in institutional construction remained broadly unchanged in February (+0.1%). As in the previous month, gains in Quebec (+1.9%) offset losses recorded in seven other provinces.
While investment in industrial construction rose 2.8% to $893 million across the country, Ontario (+3.3%) and Quebec (+4.5%) accounted for more than 90% of the national gain. This was largely due to several new manufacturing and maintenance building projects in both provinces, while other provinces remained at more historic levels.