March 24, 2023 – Investment in building construction increased 1.5% to $20.4 billion in January 2023, with all components posting gains, reports Statistics Canada.

The non-residential sector was up 0.5% to $5.6 billion, while the residential sector rose 1.9% to $14.9 billion.

Industrial construction investment rose 1.1% to $1.1 billion and was up 25.0% year over year. This was the 14th consecutive monthly increase in this component.

Commercial construction investment edged up 0.1% to $3.1 billion. Manitoba continued to climb for the fifth consecutive month, approaching pre-Covid pandemic levels of investment in this component.

Institutional construction investment was up 0.7% to $1.4 billion. Overall, eight provinces reported gains, with New Brunswick posting its eighth consecutive monthly increase. Conversely, Newfoundland and Labrador posted its 15th consecutive monthly drop.

Investment in residential building construction advanced 1.9% to $14.9 billion in January after posting four consecutive monthly declines at the end of 2022.

Single-family home investment was up 2.4% to $8.0 billion, with Ontario accounting for much of the gain with its largest increase since December 2021.

Multi-unit construction increased 1.3% to $6.8 billion, again driven mostly by Ontario (+5.2%). On the other hand, Quebec continued to contract, with its eighth consecutive decline since reaching its peak in May 2022.