One segment continues to have a significant impact in Canada's construction investment
Many of the gains in Canadian construction investment continue to stem from the single-unit residential segment, according to Statistics Canada.
Overall investment in building construction grew by 1.9% monthly to $18.4 billion in December, with increases reported in both the residential and non-residential sectors.
Residential construction investment had a 2.2% gain to $13.4 billion in December. Ontario represented more than half of the monthly increase, with investment in single-family homes up by 3.5% to $7.4 billion. Intensified investment in the single-unit segment was seen in eight provinces in December, StatCan reported.
Multi-unit construction investment ticked up by 0.7% to $6.1 billion, with increases in Ontario (up by 1%) making up for market lethargy in Quebec (down by 1%) and Saskatchewan (down by 5.5%). StatCan also pointed to New Brunswick and Nova Scotia as areas showing notable multi-unit investment strength.
Read more: StatCan on the pace of Q4 construction cost growth
Non-residential investment surged for the sixth consecutive month in December, increasing by 1.7% to $2.7 billion. On an annual basis, non-residential construction investment increased by 1.1% in December to $4.9 billion.
Industrial construction investment was a major driver in the monthly increase, growing by 1.6% to $842 million, led by Ontario (up by 2.4%) and Quebec (up by 1.9%). On the other hand, investment in institutional construction saw its first decline since late 2020, with decreases registered in eight provinces, StatCan said.
