According to Statistics Canada, investment in building construction increased by 1.8 percent to $20.3 billion in March. Gains were reported in both the residential (+1.7 percent) and the non-residential (+2.0 percent) sectors.
Residential construction investment in March rose for a sixth consecutive month, up 1.7 percent 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 percent to $8.4 billion, with Ontario (+6.2 percent) leading the gains.
Multi-unit construction investment decreased 1.4 percent 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 percent).
Investment in the non-residential construction sector was up 2.0 percent 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 percent to $2.9 billion. All provinces reported growth, led by Quebec (+6.7 percent). A retail development in Mount Royal, Quebec was the largest contributor to the increase in this component.
Investment in industrial construction increased 1.9 percent to $910 million, with Ontario (+2.6 percent) and Quebec (+2.7 percent) contributing to the majority of the gains in March.
Institutional investment rose 1.1 percent to $1.4 billion in March, its third consecutive month of growth. Much of the increase in March reflected the early stages of a hospital project in Québec City.