Issue 20-30: Building Investment
February 24, 2020
Total investment in building construction in B.C. stalled in December, decreasing 1.8% (seasonally adjusted) to $2.7 billion.
Investment in non-residential building construction in the province was slightly lower than in November (-0.1% to $794 million), as spending on new buildings eased in the commercial (-0.5%) and institutional (-1.1%) sectors, offsetting strength in industrial activity (+4.6%).
On the residential side, investment in B.C. dipped more notably (-2.6%, seasonally adjusted) in December. The decline was due to slowed spending on new multiple (including doubles, row homes, and condo and rental apartments) dwellings (-2.4% to $1.2 billion), and single-detached homes (-2.8% to $679 million).
Nationally, total investment in building construction edged up 0.5% to $15.6 billion in December.
In 2019, the total value of investment in building construction in B.C. jumped 10.3% to $32.6 billion. Investment in residential construction increased 3.8% to $23.6 billion, and investment in the non-residential sector surged 31.8% to $9.0 billion.
Nation-wide, total value of investment in building construction increased by 3.4% to $181.8 billion in 2019, with the most notable gains seen in B.C., Quebec and Ontario.
Data Source: Statistics Canada