According to Statistics Canada, investment in building construction increased 1.5 percent to $20.4 billion in January, with all components posting gains. The residential sector rose 1.9 percent to $14.9 billion, while the non-residential sector was up 0.5 percent to $5.6 billion.
Investment in residential building construction advanced 1.9 percent 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 percent to $8.0 billion. Ontario accounted for much of the gain with its largest increase since December 2021.
Multi-unit construction increased 1.3 percent to $6.8 billion, mostly driven by Ontario (+5.2 percent). On the other hand, Quebec continued to contract, with its eighth consecutive decline since reaching its peak in May 2022.
Investment in non-residential construction continued to climb, up 0.5 percent to $5.6 billion in January. Industrial construction investment rose 1.1 percent to $1.1 billion and was up 25.0 percent year over year. This was the 14th consecutive monthly increase in this component.
Commercial construction investment edged up 0.1 percent to $3.1 billion. Manitoba continued to climb for the fifth consecutive month, approaching pre-COVID-19 pandemic levels of investment in this component.
Institutional construction investment was up 0.7 percent 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.