February 8, 2021 – Statscan reports total investment in building construction increased 1.5% in December 2020, following three consecutive months of declines. Investment in the residential sector reached a record high of $11.1 billion.
On a constant dollar basis (2012=100), investment in building construction increased 1.0% to $12.2 billion in December.
Non-residential investment remains flat
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In December 2020, non-residential construction investment remained at $4.4 billion for the third consecutive month. Ontario reported the largest gain—up 2.0% from November—but this growth was offset by declines reported in five provinces.
Investment in commercial building construction edged up 0.3% in December, driven in large part by Ontario’s growth in this sector (+3.6% to $1.1 billion). The construction of large projects, such as Amazon’s Project Python in Ottawa, contributed to the rise.
Institutional investment (+0.9%) also increased in December. British Columbia led the growth with the construction of a new RCMP building in Fort St. John.
Conversely, industrial investment edged down 0.2%, with no significant changes reported in any province.
Residential construction star of the show
Investment in residential construction reached a record high in December 2020, up 1.9% to $11.1 billion. Single-unit investment continued to show strength for the third straight month, up 2.6%.
Eight provinces posted gains, with Ontario (+2.8%), Quebec (+3.1%) and Alberta (+4.6%) accounting for the majority of the growth. Newfoundland & Labrador posted a decline in this component for the second straight month, resulting from high-value renovation projects coming to a close.
Nationally, multi-unit investment increased 1.2%. Notable growth was reported in Ontario and British Columbia, attributable primarily to condominium and apartment building construction.
Quarterly growth driven by residential sector
The total value of investment in building construction edged up 0.3% to $46.2 billion in Q4, driven by gains in the residential sector (+5.0%). Investment in residential buildings reported a record quarter, with both single-unit (+7.9%) and multi-unit (+2.2%) investment posting gains.
Commercial (-13.4%), industrial (-6.4%) and institutional (-3.2%) investments all declined in Q4 2020, contributing to an overall drop of 9.8% in non-residential investment. The declines in the second and fourth quarters of 2020 reflected the impact of Covid in the non-residential sector. Prior to 2020, the last decrease was posted in the third quarter of 2016.
TORONTO – Strength in the energy and base metal stocks lifted Canada’s main stock index higher in late-morning trading, while U.S. stock markets also climbed higher.
The S&P/TSX composite index was up 78.80 points at 23,973.51.
In New York, the Dow Jones industrial average was up 89.81 points at 42,214.46. The S&P 500 index was up 2.55 points at 5,721.12, while the Nasdaq composite was up 21.24 points at 17,995.51.
The Canadian dollar traded for 74.24 cents US compared with 74.02 cents US on Monday.
The November crude oil contract was up US$1.06 at US$71.43 per barrel and the November natural gas contract was down two cents at US$2.83 per mmBTU.
The December gold contract was up US$18.10 at US$2,670.60 an ounce and the December copper contract was up 15 cents at US$4.49 a pound.
This report by The Canadian Press was first published Sept. 24, 2024.
TORONTO – Canada’s main stock index was essentially unchanged Friday, while U.S. markets were mixed to end the week, with the Dow ekeing out a new record high.
The S&P/TSX composite index closed up 1.28 points at 23,867.55.
In New York, the Dow Jones industrial average was up 38.17 points at 42,063.36. The S&P 500 index was down 11.09 points at 5,702.55, while the Nasdaq composite was down 65.66 points at 17,948.32.
The Canadian dollar traded for 73.72 cents UScompared with 73.73 cents US on Thursday.
The November crude oil contract was down 16 cents at US$71 per barrel and the November natural gas contract was up 12 cents at US$2.72 per mmBTU.
The December gold contract was up US$31.60 at US$2,646.20 an ounceand the December copper contract was down a penny at US$4.34 a pound.
This report by The Canadian Press was first published Sept. 20, 2024.
TORONTO – Canada’s main stock index was up more than 250 points in late-morning trading, led by strength in the base metal and technology sectors, while U.S. stock markets also charged higher.
The S&P/TSX composite index was up 254.62 points at 23,847.22.
In New York, the Dow Jones industrial average was up 432.77 points at 41,935.87. The S&P 500 index was up 96.38 points at 5,714.64, while the Nasdaq composite was up 486.12 points at 18,059.42.
The Canadian dollar traded for 73.68 cents US compared with 73.58 cents US on Thursday.
The November crude oil contract was up 89 cents at US$70.77 per barrel and the October natural gas contract was down a penny at US2.27 per mmBTU.
The December gold contract was up US$9.40 at US$2,608.00 an ounce and the December copper contract was up four cents at US$4.33 a pound.
This report by The Canadian Press was first published Sept. 19, 2024.
