Canada's investment in building construction rises in January

2021-03-08 18:06:11 GMT2021-03-09 02:06:11(Beijing Time) Xinhua English

OTTAWA, March 8 (Xinhua) -- Canada's total investment in building construction reached a record 16 billion Canadian dollars in January, Statistics Canada said Monday.

It was the first time on record, up 2.8 percent from December 2020, based on continued strength in the residential sector, while non-residential construction remained flat for the fourth consecutive month.

The investment in residential construction rose 3.9 percent to 11.6 billion Canadian dollars in January, following a record high in December 2020.

A fourth consecutive monthly increase was reported in single-unit construction investment, up 4 percent. With the exception of a large drop in April 2020 related to the COVID-19 pandemic, this component has increased eight times in the last nine months.

Meanwhile, multi-unit construction investment climbed 3.7 percent on sustained growth in new construction and renovations in large condominium apartment projects.

Non-residential construction investment held steady for the fourth consecutive month at 4.4 billion Canadian dollars in January.

The institutional construction investment rose 0.6 percent while the investment in commercial building construction edged up 0.2 percent in January.

However, the industrial construction investment decreased 0.4 percent to 804 million Canadian dollars. It was the second consecutive monthly decline. The investment in this component fell to its lowest level since January 2018, excluding the low level reported in April 2020 related to COVID-19 shutdowns. Enditem