Statistics Canada: Investment in Building Construction, January 2023

Investment in building construction increased 1.5% to $20.4 billion in January, with all components posting gains. The residential sector rose 1.9% to $14.9 billion, while the non-residential sector was up 0.5% to $5.6 billion.

On a constant dollar basis (2012=100), investment in building construction increased 2.4% to $11.9 billion.

Ontario drives residential sector

Investment in residential building construction advanced 1.9% to $14.9 billion in January after posting four consecutive monthly declines at the end of 2022.

Single-family home investment was up 2.4% to $8.0 billion. Ontario accounted for much of the gain with its largest increase since December 2021.

Multi-unit construction increased 1.3% to $6.8 billion, mostly driven by Ontario (+5.2%). On the other hand, Quebec continued to contract, with its eighth consecutive decline since reaching its peak in May 2022.

Minor gains in non-residential sector

Investment in non-residential construction continued to climb, up 0.5% to $5.6 billion in January.

Industrial construction investment rose 1.1% to $1.1 billion and was up 25.0% year over year. This was the 14th consecutive monthly increase in this component.

Commercial construction investment edged up 0.1% to $3.1 billion. Manitoba continued to climb for the fifth consecutive month, approaching pre-COVID-19 pandemic levels of investment in this component.

Institutional construction investment was up 0.7% to $1.4 billion. Overall, eight provinces reported gains, with New Brunswick posting its eighth consecutive monthly increase. Conversely, Newfoundland and Labrador posted its 15th consecutive monthly drop.

For more information on housing, please visit the Housing statistics portal.

Note to readers

Data are subject to revisions based on late responses, methodological changes and classification updates. Unadjusted data have been revised for the previous two months. Seasonally adjusted data have been revised for the previous three months.

Data presented in this release are seasonally adjusted with current dollar values unless otherwise stated. Using seasonally adjusted data allows month-to-month and quarter-to-quarter comparisons by removing the effects of seasonal variations. For information on seasonal adjustment, see Seasonally adjusted data – Frequently asked questions.

Monthly estimates in constant dollars are calculated using quarterly deflators from the Building Construction Price Index (table 18-10-0135-01). Typically, the first two months of a quarter use the previous quarter’s price level, and the data are revised when the new quarterly price index becomes available.

Detailed data on investment activity by type of building and type of work are now available in the unadjusted current dollar series.

The trade and services subcomponent includes buildings such as retail and wholesale outlets, retail complexes, and motor vehicle show rooms. More detailed information can be found on the Integrated Metadatabase at Types of Building Structure – 2.2.1 – Trade and services.

Next release

Data on investment in building construction for February 2023 will be released on April 12, 2023.

Products

Statistics Canada has a “Housing Market Indicators” dashboard. This web application provides access to key housing market indicators for Canada, by province and census metropolitan area. These indicators are automatically updated with new information from monthly releases, giving users access to the latest data.

Source: Statistics Canada