Markets & Reports
March building construction numbers up $20.3 billion
May 20, 2022 By Business Examiner
Investment in building construction increased by 1.8 per cent to $20.3 billion in March. Gains were reported in both the residential (+1.7 per cent) and the non-residential (+2.0 per cent) sectors.
On a constant dollar basis (2012=100), investment in building construction increased one per cent to $12.3 billion.
Residential construction investment in March rose for a sixth consecutive month, up 1.7 per cent to $15.1 billion. Ontario contributed about three-quarters of the monthly increase, bringing the national total to just below the record high reached in April 2021.
Investment in single family homes increased 4.3 per cent to $8.4 billion, with Ontario (+6.2 per cent) leading the gains.
Multi-unit construction investment decreased 1.4 per cent to $6.7 billion in March. This ended five months of consecutive growth for the component, as declines in six provinces more than offset the strong gains reported in British Columbia (+3.8 per cent).
Investment in the non-residential construction sector was up two per cent in March compared with February, a ninth consecutive monthly increase. Quebec accounted for more than half of the gain in March.
Commercial investment gained 2.4 per cent to $2.9 billion. All provinces reported growth, led by Quebec (+6.7 per cent).
Investment in industrial construction increased 1.9 per cent to $910 million, with Ontario (+2.6 per cent) and Quebec (+2.7 per cent) contributing to the majority of the gains in March.
Institutional investment rose 1.1 per cent to $1.4 billion in March, its third consecutive month of growth.
First Quarter of 2022 in Review
The total value of investment in building construction increased 9.2 per cent to $59.7 billion in the first quarter of 2022. Almost all of the first quarter’s overall gains were in the residential sector, which jumped 11.0 per cent to $44.4 billion, while the non-residential sector rose by 4.3 per cent to $15.3 billion.
Residential investment in the single-unit component rose 11.2 per cent for the quarter to $24.2 billion, with Ontario (+12.6 per cent) accounting for half of the quarterly change. The multi-unit component was up 10.9 per cent with all provinces, except Saskatchewan, reporting growth compared with the fourth quarter of 2021.
Investment in the non-residential sector was up 4.3 per cent, with all its sub-components increasing compared with the fourth quarter of 2021. The commercial component, which contributed the most to the non-residential sector, gained 5.1 per cent to $8.5 billion, its fifth consecutive quarterly growth. Investments in the industrial component increased 6.1 per cent to $2.7 billion, while the institutional component rose 1.5 per cent to $4.1 billion.
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