Issue 19-52 Building Investment
March 26, 2019
Total investment in building construction in B.C. continued to climb in January, jumping 4.3% (seasonally adjusted) from December, to $2.7 billion.
Investment in non-residential building construction in the province increased (+3.9% to $614 million) in January, as spending on new buildings was up in the industrial (+1.6%), institutional (+3.9%) and commercial (+4.4%) sectors. Non-residential activity continued to climb in Vancouver (+5.5%), reaching $402 million. Abbotsford-Mission (+40.2% to $20 million) and Victoria (+0.4% to $40 million) also posted increases, but investment in Kelowna eased (-5.7% to $31 million).
Nationally, non-residential construction expenditures were up 1.5% in January. Investment in new non-residential building projects was higher in five provinces, with Quebec (+4.0% to $927 million) recording the biggest increase in terms of dollar value.
On the residential side, investment was also higher (+4.4%, seasonally adjusted) in January. This marked the third straight increase in investment in residential structures in B.C. Spending on new single dwellings (+6.8% to $821 million) and new multiple (including doubles, row homes, and condo and rental apartments) dwellings (+2.8% to $1.2 billion) continued to rise.
Nationally, the increase (+9.0%) in total residential investment in January was widespread, with every province recording a boost. In dollar terms, gains were led by Ontario (+$277 million), Quebec (+$236 million) and Alberta (+$115 million).
Data Source: Statistics Canada