Statistics Canada says total investment in building construction increased 4.2% to $16.8 billion in February, posting a record high for the second consecutive month because of continued strength in the residential sector.
Consecutive record levels have been reported for investment in residential construction since September 2020.
The majority of this growth stemmed from single-family home construction, which rose for a fifth consecutive month, up 9.4% in February. Single-family homes being built in census metropolitan areas (CMAs) continued to drive the growth; however, record highs were set both in and outside CMAs.
Multi-unit construction investment also rose in February, up 1.6%. Statistics Canada takes special note of Saskatchewan which saw growth surge about 69% in this sector, attributable partly to new projects such as apartment buildings in Saskatoon’s University Heights Suburban Centre.
Non-residential construction investment was little changed for a fifth consecutive month, edging up 0.2% to $4.5 billion in February.