Building construction investment increased in February
Total investment in building construction increased in February, up 3.8 per cent from January to $15.3 billion.
This increase was primarily due to investment growth in the residential sector (+5.4 per cent to $11.0 billion), while the non-residential sector remained unchanged at $4.4 billion. On a constant dollar basis (2012=100), investment in building construction rose 3.9 per cent to $13.0 billion.
Investment in residential building construction
The increase in total residential investment for February was driven by strength in multi-unit dwellings (+8.4 per cent to $5.5 billion), while investment in single family homes rose more modestly (+2.6 per cent to $5.5 billion).
The gain in residential investment was primarily due to renovation work, up $1.1 billion from the previous year.
Investment in non-residential building construction
Within the non-residential sector, investment in commercial building construction exceeded $2.5 billion, a record level. This gain reflected a 2.2 per cent 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 per cent 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 per cent for the month.
The national decline in institutional construction investment (-1.0 per cent 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.
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