Canadian building construction sees 4.5% investment growth in March

Posted on May 24, 2024   |  

Canadian building construction investment experienced a 4.5% month-over-month increase to reach $20.4 billion (CAD) in March.

Adjusted for inflation, the investment in building construction rose by 4.1% to $12.5 billion in constant dollars.

Residential building construction investment surged by 5.4% to hit $14.3 billion in March, with notable growth seen in Ontario and Quebec.

Nationally, investment in detached single-family homes rose by 6.5% to $7.3 billion, while multi-unit investment increased by 4.4% to $7.0 billion.

The nonresidential sector also saw a 2.3% increase in investment to $6.1 billion in March, with gains across all three components: industrial, commercial, and institutional.

Building construction investment maintained its upward trajectory for the third consecutive quarter, reaching $59.7 billion, with residential permits increasing by 1.4% to $41.6 billion.

While the single-family component experienced gains, the multi-unit sector saw declines and nonresidential investment edged up by 0.2% to $18.1 billion, driven by growth in the institutional and industrial components.