According to Statistics Canada, investment in building construction increased 4.0 percent in February, reaching $20.0 billion for the first time. Most provinces reported gains, with Quebec accounting for over 50 percent of the increase.
Investment in single family homes rose 4.9 percent to $8.0 billion in February. Increases were posted in seven provinces, led by Ontario (+5.3 percent) and Quebec (+8.2 percent).
Multi-unit construction increased 5.1 percent to $6.9 billion, driven primarily by strong gains in Quebec (+16.8 percent). Conversely, Saskatchewan declined for a third straight month as it returned to more historic levels, following higher investment in October and November 2021.
Overall, residential construction investment rose 5.0 percent to $14.9 billion in February.
Non-residential construction investment increased 1.1 percent to $5.1 billion in February.
Commercial investment was up 1.0 percent to $2.8 billion, with Alberta leading the way (+3.2 percent). The only two provinces that posted declines in this component were New Brunswick and Manitoba.
Investment in the institutional component was largely unchanged in February (+0.1 percent). Similar to the previous month, gains in Quebec (+1.9 percent) largely offset losses posted in seven other provinces.
Industrial construction investment rose 2.8 percent to $893 million, with Ontario (+3.3 percent) and Quebec (+4.5 percent) accounting for over 90 percent of the national gain. This was largely due to several new manufacturing and maintenance building projects in both provinces, while other provinces remained at more historic levels.