February 2024 Canada-Wide construction Update Released

Statistics Canada released its April 19th release. The following are some of the most effective ways to increase your ROI:This shows a decline in investment in construction during the month of Februrary. The total investment dropped by 1.1% in February to $19.3 billion, with both residential and commercial sectors experiencing declines.

When you account for inflationary effects on a constant-dollar basis (with 2017 as your base year), then the decline of investment is more pronounced. In 2017, the investment in construction dropped by 1.2% and reached $11.9 billion.

Residential Building Construction

In February 2024The residential building construction investment in Canada fell by 1.2% from January to $13,385.1 millions, marking the second consecutive month of decline.

Newfoundland-Labrador, which is a province/territorial, experienced a notable 25,7% increase, reaching 77.9 Million dollars. Nova Scotia’s investment increased by 2.8% to $425.3 million, while New Brunswick saw a 2.6% increase to $249.1 million. Manitoba’s investment increased by 1.3% to $439.4 million, and Alberta’s investment rose by 0.8% to $1,922.1 million. British Columbia’s investment also increased by 0.4% to $2,257.1 million. 

On the other hand, Prince Edward Island saw a decline of 14.8% to $85.2 million, while Quebec’s investment decreased by 1.3% to $2,408.1 million, and Ontario experienced a 2.8% decrease to $5,219.9 million. Saskatchewan experienced a 7.4% decrease to $272.7 millions, and Yukon experienced a 11.3% decline to $16.0 Million. Nunavut, however, saw a notable increase of 40.7% to $8.1 million and a 25.3% increase in the Northwest Territories.

All provinces and territories, except Yukon, reported gains in February. Multi-unit investment fell by 3.5%, to $6.7 billion. This was primarily due to declines of Ontario (-6.0%, to $2.6 billion), and Quebec (-4.9%, to $1.2 billion), which were attributed to the slowdown in new construction compared to earlier this year.

Non-Residential Investment Declines

The non-residential investment sector decreased by 0.9% in February 2024 to $6.0 billion. A rise of $29 millions in the institutional sector to $1.7 billion has been offset by declines in the industrial sector of $4 million to $1.3 billion, and in the commercial sector of $77,000,000 to $3.0 million.

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