Issue 19-72 Buildng Investment

April 26, 2019

Total investment in building construction in B.C. continued to climb in February, increasing 2.6% (seasonally adjusted) from January, to reach $2.7 billion.

Investment in non-residential building construction in the province was relatively unchanged (-0.1% to $612 million) from January, as spending on new buildings inched up in the industrial (+0.1%) and institutional (+0.5%) sectors, while commercial activity eased (-0.3%). Non-residential activity continued to climb in Vancouver (+0.5%), reaching $404 million in February. Meanwhile, investment in Victoria (-6.2% to $39 million), Kelowna (-4.6% to $30 million) and Abbotsford-Mission (-0.7% to $19 million) slowed.

Nationally, non-residential construction expenditures were flat in February (+0.0%). Investment in new non-residential building projects was higher in just four provinces, with Quebec (+1.9% to $949 million) recording the biggest increase in terms of dollar value.

On the residential side, investment was higher (+3.5%, seasonally adjusted) in February. This marked the fourth straight increase in investment in residential structures in B.C. Spending on new single dwellings (+1.4% to $827 million) and new multiple (including doubles, row homes, and condo and rental apartments) dwellings (+4.9% to $1.3 billion) continued to rise.

Nationally, the increase (+5.4%) in total residential investment in February was widespread, with nearly every province recording a boost. In dollar terms, gains were led by Ontario (+242 million), Quebec (+$128 million).

Data Source: Statistics Canada