Statistics Canada reports that investment in building construction increased 4.0% in February, reaching $20.0 billion for the first time. Most provinces reported gains, with Quebec accounting for over 50% of the increase.
On a constant dollar basis (2012=100), investment in building construction increased 3.9% to $12.7 billion.
Investment in single family homes rose 4.9% to $8.0 billion in February. Increases were posted in seven provinces, led by Ontario (+5.3%) and Quebec (+8.2%).
Multi-unit construction increased 5.1% to $6.9 billion, driven primarily by strong gains in Quebec (+16.8%). 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% to $14.9 billion in February.
Non-residential construction investment increased 1.1% to $5.1 billion in February.
Commercial investment was up 1.0% to $2.8 billion, with Alberta leading the way (+3.2%). 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%). Similar to the previous month, gains in Quebec (+1.9%) largely offset losses posted in seven other provinces.
Industrial construction investment rose 2.8% to $893 million, with Ontario (+3.3%) and Quebec (+4.5%) accounting for over 90% 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.