Issue 20-137: Building Investment
July 21, 2020
Investment in building construction (both residential and non-residential) in B.C. grew by 14.4% (seasonally adjusted) in May compared to April. The increase was driven by higher residential construction investment (+23.6%) more than offsetting a small decline in non-residential investment (-1.1%) for the month.
Building construction investment (unadjusted) was down 23.9% in May compared to the same month last year. The decrease was due to lower investment in both residential (-31.5%) and non-residential (-0.8%) construction investment.
All of B.C.’s Census Metropolitan Areas (CMAs) saw higher building construction investment in May compared to April, with increases in residential building construction driving the change and offsetting modest declines in non-residential construction. Kelowna was the exception, with investment growing for both residential (+35.3%) and non-residential (+1.9%) buildings.
Nationally, construction investment rose 60.1% in May compared to April, with higher investment in both residential (+57.0%) and non-residential construction (+65.6%). Higher building construction investment was observed in every province. Ontario (+63.2%) and Quebec (+349.9%) led national growth, with both provinces resuming construction projects in May after work stoppages due to COVID-19.
Data Source: Statistics Canada