According to Statistics Canada, investment in building construction increased 3.4 percent to $19.1 billion in January, with gains posted in all components. Following a slight pullback in the summer of 2021, there have been steady investment increases since October 2021.
Residential construction investment rose 4.1 percent to $14.1 billion in January, a fourth consecutive monthly increase. The gains reflected high levels of construction intentions in the fourth quarter of 2021.
Investment in single-family homes was up 2.5 percent to $7.6 billion, with Quebec and British Columbia behind much of the national gain.
Multi-unit construction investment increased 6.0 percent to $6.5 billion. Saskatchewan was the only province to post a decrease due to a combination of maturing projects and a lower level of new permits.
Commercial investment posted its seventh consecutive monthly increase (+1.8 percent to $2.8 billion) in January, led by Ontario (+2.2 percent) and British Columbia (+5.0 percent). The commercial component showed sustained growth over the past few months, particularly for office buildings and warehouses.
Investment in the institutional component advanced 0.6 percent to $1.4 billion in January. Quebec (+3.1 percent) posted the largest gain, helping to offset declines reported in seven provinces.
Industrial construction investment rose 2.1 percent to $864 million, the largest monthly increase since mid-2020.
Overall, non-residential construction investment increased 1.5 percent in January, reaching the $5.0 billion mark for the first time since June 2020.