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Mining and agriculture shine – Investment in building construction, February 2023

April 12, 2023 | By Anthony Capkun

April 12, 2023 – Investment in building construction went up 1.0% to $20.6 billion in February 2023, with all components posting gains, reports Statistics Canada.

The residential sector rose 1.1% to $15.0 billion, while the non-residential sector was up 0.8% to $5.6 billion.

Investment in residential building construction advanced 1.1% to $15.0 billion in February, with single-family home investment (+1.3%, +$102.8 million) contributing the most to the growth.

Most notably, Nova Scotia recorded its largest monthly dollar increase for the single-family component (+19.9%, +$47.5 million) since March 2013.

Multi-unit construction increased 0.8% to $6.9 billion, mostly driven by Ontario (+7.6%). On the other hand, Quebec continued to contract, with its ninth consecutive decline since reaching its peak in May 2022.

Industrial construction investment rose 1.1% to $1.1 billion in February and was up 23.1% year over year. This was the 15th consecutive monthly increase. The steady increase was largely driven by the mining and agriculture subcomponent, up 61.1% from December 2021 to February 2023 on an unadjusted basis.

Commercial construction investment was relatively stable in February, up 0.5% to $3.1 billion. Both Ontario and Manitoba continued to climb for the sixth consecutive month.

Institutional construction investment was up 1.0% to $1.4 billion in February. The construction start of an educational building in Kelowna, B.C., helped contribute to the overall growth in the month. Conversely, Newfoundland & Labrador posted its 16th consecutive monthly drop in February, leading to its lowest recorded value since June 2018.

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