April 19, 2022
Statistics Canada recently released its Investment in Building Construction data for February 2022. The data shows that so far this year (January-February), ICI investment in Ontario has amounted to $2.91 billion, a 4.5% decline compared to the same period last year. Industrial investment in Ontario fell by a similar amount year-over-year (4.4%), while investment in the commercial sector was down by 7.1%. These drop-offs were tempered by a 3.4% increase in institutional investment in the province.
Ontario’s ICI investment fell slightly every month between September 2021 and February 2022, although total drop-off between these months only amounted to 5.2%. February’s ICI investment total in Ontario amounted to $1.44 billion. This was the lowest monthly ICI total in Ontario in the past ten months.
Institutional investment in Ontario also fell in consecutive months since September, although the magnitude has been greater than in ICI overall (down -21.2% between September and February). While investment in the commercial sector was down year-to-date in 2022, commercial investment has been stable in recent months, with the February total in line with the average of the past 11 months. Industrial investment in Ontario has been incredibly stable of late, with monthly investment totals not fluctuating up or down by more than 1.6% in the past six months.
_____________________________
FOR MORE INFORMATION, CONTACT:
Katherine Jacobs
Director of Research
Ontario Construction Secretariat (OCS)
180 Attwell Drive, Suite 360, Toronto, ON M9W 6A9
P 416.620.5210 ext. 222
F 416.620.5310
kjacobs@iciconstruction.com
