Investment in Building Construction Rose 6.3% in April
June 11, 2021
Total investment in building construction increased 6.3% to $19.9 billion. Residential construction investment performed strongly in April, 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% this month.
On a constant dollar basis (2012=100), investment in building construction was up 5.8% to $15.3 billion in April.
Residential investment continues to grow
Residential construction reported an 8.1% gain, bringing total investment to $15.3 billion in April.
Investment for single-family homes was up 8.9%, as all provinces except Nova Scotia posted increases. Ontario accounted for the majority of the growth (+12.8%), 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% to $101 million, mainly attributable to renovation projects in the province.
Multi-unit construction rose 7.2% 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% jump to $1.8 billion. British Columbia also reported notable growth, up 8.2% to $1.3 billion.
Non-residential investment increases slightly
Non-residential construction investment advanced 0.9% to $4.6 billion in April, continuing to post small gains for the fifth consecutive month.
Investment in institutional construction was up 1.4% to $1.2 billion. The largest increase was reported in Ontario (+2.7%), based on high-value construction projects such as the Michael Garron hospital in Toronto.
Industrial construction investment was up 1.8% to $847 million, with the help of major ongoing construction projects in the cities of Toronto and Montréal.
Five provinces posted increases in commercial investment, edging up 0.3% in April. Only Ontario and Prince Edward Island have exceeded pre-pandemic levels, with Prince Edward Island reaching a record high.
Source: Statistics Canada, www150.statcan.gc.ca/n1/daily-quotidien/210610/dq210610b-eng.htm?CMP=mstatcan