Investment in Single-Family Homes Continues to Rise for March
June 14, 2024
Month over month, investment in building construction increased 4.5% to $20.4 billion in March. The residential sector was up 5.4% to $14.3 billion, while investment in the non-residential sector increased 2.3% to $6.1 billion.
On a constant dollar basis (2017=100), investment in building construction increased 4.1% to $12.5 billion in March.
Investment in single-family homes continues to rise
Investment in residential building construction rose 5.4% to $14.3 billion in March. Increases were recorded in seven provinces, with Ontario (+6.5%; +$344.2 million) and Quebec (+9.2%; +$232.1 million) leading the way.
Nationally, investment in detached single-family homes grew 6.5% to $7.3 billion in March, up for the eighth consecutive month. Multi-unit investment was up 4.4% to $7.0 billion. Gains in Ontario (+7.2%; +$190.6 million) and British Columbia (+9.4%; +$129.1 million) were slowed by smaller declines in five other provinces, such as Alberta (-2.2%; -$19.4 million) and Manitoba (-6.5%; -$12.7 million).
Non-residential construction investment up across all components
Investment in the non-residential sector increased 2.3% to $6.1 billion in March, with all three components posting gains.
Industrial investment rose 3.1% to $1.3 billion, and investment in the commercial component rebounded (+2.0% to $3.0 billion) after eight consecutive months of declines. Much of the increase was due to Ontario (+3.6%; +$43.8 million).
Notably, investment in the institutional component grew 2.1% to reach $1.8 billion in March, a record high. The monthly increase recorded in March was the ninth monthly increase in a row.
First quarter summary
Investment in building construction rose for the third straight quarter, increasing 1.0% to $59.7 billion.
Investment in residential building construction permits increased 1.4% to $41.6 billion in the first quarter. Gains in the single-family homes component (+6.2%; +$1.2 billion) more than offset declines in the multi-unit component (-3.0%; -$647.8 million).
Investment in the non-residential sector edged up 0.2% to $18.1 billion in the first quarter. Growth in the institutional component (+7.2%; +$350.8 million) and industrial component (+2.0%; +$76.5 million) were dragged down by the commercial component (-4.1%; -$389.9 million). Overall, 11 provinces and territories reported a decrease in commercial construction intentions.
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