June 16, 2022
Statistics Canada recently released new Investment in Building Construction data, and Labour Force Survey data for May. The data shows that in May, construction employment in Ontario rose to 579,500, the highest monthly total ever in the province (unadjusted for seasonality). This was also the fourth consecutive month-over-month increase in construction employment in Ontario. The Ontario construction industry’s unemployment rate fell sharply in May to 3.6%, down from 5.3% in April. In the previous three months (January-March), construction’s unemployment rate held at 6.2%.
The general unemployment rate in Ontario has remained steady for the past four months. The unemployment rate increased slightly in May to 5.6%, up from 5.5% in April.
The New Investment in Building Construction data released this week shows that total ICI investment in Ontario remained essentially the same in April compared to March. April’s ICI total of $1.38 billion was a tenth of a percent higher than the previous month.
Looking at the year-to-date data, ICI investment in Ontario between January-April is down by 6.1% compared to the same period in 2021. Investment is also down in each of the three sectors compared to last year. Commercial investment is down by 8.4% compared to the January-April period last year, while industrial investment has declined by 3.9%, and institutional investment is down by 0.8%.
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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
