Investment in Canadian building construction up 6.3 percent in April

Thursday, 10 June 2021 19:12:23 (GMT+3)   |   San Diego
       

According to Statistics Canada, total investment in building construction increased 6.3 percent to $19.9 billion in April. Residential construction investment performed strongly, rising for a 12th consecutive month. In contrast, non-residential construction has not fully returned to pre-COVID-19 levels. However, it increased by 0.9 percent in April.

Residential construction reported an 8.1 percent gain, bringing total investment to $15.3 billion in April. Investment for single-family homes was up 8.9 percent, as all provinces except Nova Scotia posted increases. Ontario accounted for the majority of the growth (+12.8 percent), driven by renovation projects in the census metropolitan area (CMA) of Toronto and new construction in the CMA of Hamilton. Prince Edward Island reached a record high in this component, surging 84.0 percent to $101 million, mainly attributable to renovation projects in the province.

Multi-unit construction rose 7.2 percent to $6.7 billion in April. Quebec posted the largest increase, with high-value projects such as an apartment building in the city of Lévis contributing to its 12.0 percent jump to $1.8 billion. British Columbia also reported notable growth, up 8.2 percent to $1.3 billion.

Non-residential construction investment advanced 0.9 percent to $4.6 billion in April, continuing to post small gains for the fifth consecutive month. Investment in institutional construction was up 1.4 percent to $1.2 billion. The largest increase was reported in Ontario (+2.7 percent), based on high-value construction projects such as the Michael Garron hospital in Toronto. Industrial construction investment was up 1.8 percent to $847 million, with the help of major ongoing construction projects in the cities of Toronto and Montréal.


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