Issue 19-119 Building Investment
July 22, 2019
Total investment in building construction in B.C. surged in May, increasing 13.6% (seasonally adjusted) to reach $3.1 billion.
Investment in non-residential building construction in the province was 3.0% higher than in April (to $740 million), as spending on new buildings was up in the industrial (+4.4%), commercial (+3.5%) and institutional (+0.6%) sectors.
Nationally, non-residential construction expenditures inched up 0.9%. Investment in new non-residential building projects was higher in six provinces, with B.C. and Ontario (+1.2% to $1.8 billion) recording the biggest increases in terms of dollar value.
On the residential side, investment in B.C. was particularly robust (+17.5%, seasonally adjusted) in May. This marked the second monthly increase in investment in residential structures in 2019. The boost was due mostly to a surge in spending on new multiple (including doubles, row homes, and condo and rental apartments) dwellings (+27.5% to $1.6 billion), as investment in single-detached homes was comparatively modest (+0.2% to $736 million).
Nationally, the increase (+2.8%) in total residential investment in May was mostly localized in central and western Canada, with gains led by B.C. and Manitoba (+18.4%).
Data Source: Statistics Canada