New Statistics Canada Data Displays Growth in Multi-unit and Single-unit Dwellings

Recent data by Statistics Canada reveal a 2.2 per cent increase in total building construction investments to $15.2 billion in May.

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Statistics Canada’s report states that gains in the residential sector led the increase (+2.8 per cent to $10.4 billion), while the non-residential sector edged up 0.9 per cent to $4.8 billion.

On a constant dollar basis (2012=100), investment in building construction rose by 1.8 per cent to $12.7 billion, according to the release.

While investment in single-unit dwellings declined 2.2 per cent to $4.9 billion, investment in multi-unit dwellings rose by 7.6 per cent in May to $5.5 billion.

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As reported by Statistics Canada, growth in multi-unit dwelling investment accounted for approximately three-quarters of the national increase.

The rise was led by higher investment in British Columbia, which stemmed from large projects such as the redevelopment of the Lougheed Town Centre in Burnaby.

Provincially, non-residential investment was higher in British Columbia (+$21 million) and Ontario (+$20 million). Statistics Canada says these gains were moderately offset by Alberta (-$10 million).

Based on the three non-residential sector components, the industrial element posted the largest gain (+1.6 per cent to $911 million) due to projects such as the Toronto Transit Commission’s new bus garage and Maple Leaf Foods’ plant in London, Ontario.

The commercial component increased for the 16th consecutive month in May (+1.2 per cent to $2.7 billion), as investment in British Columbia, Ontario and Saskatchewan exceeded declines in Alberta and New Brunswick.

For the fourth consecutive monthly decline, investment in the institutional component, which includes hospitals and schools, edged down 0.5 per cent from the previous month.

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