Total investment in building construction increased in February, up 3.8 percent from January to $15.3 billion. This increase was primarily due to investment growth in the residential sector (+5.4 percent to $11.0 billion), while the non-residential sector remained unchanged at $4.4 billion.
The increase in total residential investment for February was driven by strength in multi-unit dwellings (+8.4 percent to $5.5 billion), while investment in single family homes rose more modestly (+2.6 percent to $5.5 billion).
The gain in residential investment was primarily due to renovation work, up $1.1 billion from the previous year.
Within the non-residential sector, investment in commercial building construction exceeded $2.5 billion, a record level. This gain reflected a 2.2 percent increase in Quebec which was mainly driven by a multi-plex sports facility being built in the city of Gatineau.
The industrial component rose 0.7 percent to $839 million in February. A new marijuana production facility for Canopy Growth Corporation in the City of Fredericton stimulated investment in New Brunswick, up 6.4 percent for the month.
The national decline in institutional construction investment (-1.0 percent to $988 million) was due primarily to the continuing decline in investment for maturing hospital projects in Alberta and Ontario. This was partly offset by an increase of $2 million in Quebec, reflecting continued investment in the Montréal Heart Institute.