Q3 Residential Construction Up 9.1% YOY

Economy

December 18, 2017

Investment in residential construction totalled $35.8 billion in the third quarter, up 9.1% compared with the same period in 2016 and the largest increase since the fourth quarter of 2012.

For the first time in five years, residential construction investment rose on a year-over-year basis in every province. Ontario, Quebec and Alberta posted the highest increases in the third quarter.

Renovations up in all provinces

All components contributed to the year-over-year increase, led by spending on renovation, up 8.1% to $15.5 billion, followed by construction of single-family homes, up 11.0% to $8.4 billion.

Spending on renovation was up in every province for the first time since second quarter of 2006 and was the main driver for the increases in both Ontario (+$614.6 million) and Quebec (+$224.8 million).

Renovations drove the increases in every province except Alberta and Prince Edward Island, where spending was led by investment in new single houses. The $495.2 million increase in Alberta was mainly due to single-home construction (+$396.8 million), which accounted for 80.1% of the total year-over-year increase in the province.

Row house construction reaches a record high

At the national level, investment in row house construction reached a record high of $1.6 billion. In the third quarter, row houses represented over half of the total year-over-year increase for multi-unit building construction, despite accounting for just over one-fifth of total spending for multi-unit buildings.
Source: Statistics Canada, http://www.statcan.gc.ca/daily-quotidien/171204/dq171204a-eng.htm

Related Articles


Changing Scene

  • AD and The Commonwealth Group Announce Intent to Merge

    AD and The Commonwealth Group Announce Intent to Merge

    In a move that is expected to positively impact the future of independent PHCP distribution in the United States, AD and The Commonwealth Group (TCG) announce their intent to merge. The AD Board of Directors and the TCG Board of Directors are pleased to jointly announce that after many months of confidential discussions and extensive… Read More…

  • Hammond Power Solutions Provides Update on U.S. Tariff Changes

    Hammond Power Solutions Provides Update on U.S. Tariff Changes

    Hammond Power Solutions Inc. has determined that the recently expanded U.S. tariffs on steel and aluminum derivative products apply to certain materials and components included in many of the Company’s products. The Company expects these tariffs to have a relatively uniform impact across its industry and will work collaboratively with its customers and suppliers to… Read More…


Peers & Profiles