Building construction investment records small gain in April
Building construction investment crossed the $20-billion mark again in April, as growth in the non-residential sector offset a slight contraction in housing.
For the month, investment totalled $20.3 billion, an increase of 0.4%.
Investment in residential building construction was down 0.7% to $14.4 billion, as spending on single-family homes declined by 2.1% to $7.7 billion. April’s was the lowest level since November 2021. Notable gains from Nova Scotia (+15.2%; +$52.8 million) were offset by declines in Ontario (-4.2%; -$146.4 million) and Quebec (-4.4%; -$67.3 million).
Multi-unit construction increased 0.8% to $6.7 billion, and has hovered around this value since December 2022.
Investment in non-residential construction, meanwhile, continued to grow. Spending increased by 3.4% to $5.9 billion in April. This was the sector’s largest-recorded monthly increase since June 2020. It followed a 32% increase in the value of building permits reported in March 2023, as it reached record-high levels for non-residential construction intentions.
Industrial construction investment rose 5.4% to $1.2 billion in April. The start of construction of a new manufacturing building in Bécancour, Quebec helped lead the province to its 20th consecutive monthly increase in the component.
Commercial construction investment advanced 3.7% to $3.2 billion, with Ontario (+6.7%; +$86.2 million) contributing the most to the growth. This was the 11th consecutive monthly increase for the component.
Finally, institutional construction investment increased 1.2% to $1.4 billion in April. Overall, seven provinces posted gains, led by Ontario (+2.5%; +$12.9 million).