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).

Rise

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.

Go HERE for more information

Related Articles


Latest Articles


Changing Scene

  • Eureka Wins Red Dot Award for Atoll

    Eureka Wins Red Dot Award for Atoll

    July 16, 2024 Eureka is pleased to announce that its Atoll luminaire has received a Red Dot Design Award for Product Design. It is the 10th consecutive year that Eureka products have been honored with this prestigious award, which is a testament to the company’s consistency and relentless drive to design the best luminaires in… Read More…

  • Sarah Hansen Named Western Regional Sales Manager with Hammond Manufacturing 

    Sarah Hansen Named Western Regional Sales Manager with Hammond Manufacturing 

    July 15, 2024 Hammond Manufacturing is happy to announce that Sarah Hansen (nee Hammond) has accepted the position of Western Regional Sales Manager for the electrical enclosures division. This newly created position reflects Hammond’s commitment to continued growth of enclosure sales in Western Canada. “Sarah has spent the past thirteen years in leadership positions within… Read More…

  • ABB and NASCAR Reveal EV Prototype and Launch Electrification Innovation Partnership

    ABB and NASCAR Reveal EV Prototype and Launch Electrification Innovation Partnership

    July 15, 2024 ABB in the United States and NASCAR announced the ABB NASCAR Electrification Innovation Partnership and revealed a new EV prototype at the 2024 NASCAR Chicago Street Race. This partnership brings together world leaders in EV technology and auto racing to advance NASCAR’s strategic ambitions across electrification.   “ABB is a technology leader… Read More…

  • Nedco Introduces New General Manager at Nedco West

    Nedco Introduces New General Manager at Nedco West

    July 15, 2024 Nedco has announced Jay Frezell as the new General Manager of Nedco West, effective August 1st, 2024. “Jay brings over 25 years of experience in the datacom, power quality, and wire & cable industries. His impressive track record of success in distribution, sales, and manufacturing equips him with a deep understanding of… Read More…