Non-residential Construction Investment Continues to Reach Record Highs in January 2025

April 18, 2025

Overall, investment in building construction rose 1.8% (+$393.7 million) to $22.1 billion in January. The residential sector increased 2.3% to $15.4 billion, while the non-residential sector was up 0.8% to $6.7 billion. Year over year, investment in building construction grew 5.7% in January.

On a constant dollar basis (2017=100), investment in building construction increased 1.5% from the previous month to $13.2 billion in January and was up 2.5% year over year.

Ontario’s multi-unit component leads increase in residential sector

Investment in residential building construction increased $342.0 million to $15.4 billion in January. Gains were seen in four provinces and two territories, driven by Ontario (+$354.8 million; +6.3%), while Manitoba (-$61.6 million; -12.3%) led the decline.

Investment in multi-unit construction was up $497.5 million to $8.2 billion in January. Gains were led by Ontario (+$421.0 million).

Single-family home investment declined $155.5 million to $7.2 billion in January, with declines being recorded in eight provinces and one territory.

Non-residential investment continues to reach record highs

Investment in non-residential construction increased $51.7 million to $6.7 billion in January. This marked the sixth consecutive monthly increase. Much of the recent growth stemmed from the institutional and industrial components, which both reached a record high in January.

The institutional component rose $38.8 million to $2.0 billion in January. Gains were recorded in six provinces and three territories, led by Ontario (+$18.3 million) and British Columbia (+$11.5 million). Quebec (-$6.1 million) partially offset these gains, as it recorded its 10th consecutive monthly decrease.

Investment in the industrial component increased $22.5 million to $1.5 billion in January, driven by Ontario (+$15.2 million) and Alberta (+$5.1 million).

Meanwhile, the commercial component decreased $9.5 million to $3.3 billion in January following five consecutive monthly increases. Declines in six provinces and two territories were tempered by growth in Ontario (+$16.3 million).

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