Non-residential sector leads investment in building construction – April 2023
June 16, 2023 By Anthony Capkun
June 16, 2023 – Statistics Canada reports investment in building construction went up by 0.4% to $20.3 billion in April 2023.
The non-residential sector was up by 3.4% to $5.9 billion, while the residential sector slipped down 0.7% to $14.4 billion.
Investment in non-residential construction continued to grow, up 3.4% to $5.9 billion in April. This was the largest recorded monthly increase since June 2020 for the sector. This followed a 32.0% monthly increase in the value of building permits reported in March 2023, as it reached record-high levels for non-residential construction intentions.
Industrial construction investment rose 5.4% to $1.2 billion in April. The start of construction of a new manufacturing building in Bécancour, Que., helped lead the province to its 20th consecutive monthly increase in the component, says Statistics Canada.
Commercial construction investment advanced 3.7% to $3.2 billion, with Ontario (+6.7%, $86.2 million) contributing the most to the growth. This was the 11th consecutive monthly increase for the component.
Institutional construction investment increased 1.2% to $1.4 billion in April. Overall, seven provinces posted gains, led by Ontario (+2.5%, +$12.9 million).
Investment in single-family homes declined 2.1% to $7.7 billion in April, the lowest level since November 2021.
In April 2023, gains in Nova Scotia (+15.2%, +$52.8 million) were offset by declines in Ontario (-4.2%, -$146.4 million) and Quebec (-4.4%, -$67.3 million).
Multi-unit construction increased 0.8% to $6.7 billion. Statistics Canada says it has been hovering around this value since December 2022.
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