Sept 22, 2022: Modest growth in ICI Investment in Building Construction, with slight slowdown in July

September 22, 2022

ICI investment in building construction grew modestly from April-July, with the largest gains appearing in the industrial sector. Month-over-month growth slowed down between June and July across all sectors. Year-over-year growth was also modest, except for in the industrial sector, which saw substantial gains. Year-to-date investment was up across all sectors, with the industrial sector experiencing the largest percentage increase. 


Monthly Change
Total investment increased modestly between June-July, from $2.08-2.14 billion (3.1%). In the commercial sector, investment was relatively stable from April-July, fluctuating around $1.19 billion. Industrial investment was slightly more variable month-to-month, with a 2.7% increase from April-May, 10% increase from May-June ($408.6-449.6 million), and 5.3% increase from June-July. Institutional investment experienced some swings during the past quarter, with a mild contraction (-1.2%) from April-May, 8.8% increase from May-June ($409.7-445.9 million), and 4.5% increase from June-July. One noticeable pattern across all sectors was the monthly increase from June-July was about half as large as that between May-June.

Yearly Change
On a year-over-year basis, investment was higher across all sectors for all months April-July. The most significant increase was in the industrial sector. Industrial investment increased 25.6% from June 2021-June 2022, representing an increased of over $90 million ($358.1-449.6 million). From July 2021-July 2022, industrial investment was 27.3% higher, representing a change of over $100 million ($371.9-473.3 million). Commercial investment increased modestly, with the largest increase being 6.5% from July 2021-July 2022 ($1.13-1.21 million).

Year-to-Date (YTD) investment in building construction was up across all sectors, with overall ICI investment increase of 7.6%, representing about $1.01 billion ($13.27-14.28 billion). Commercial investment was up 3.9% (about $320 million), institutional investment was up 9.8% ($270 million), and industrial investment was up 17.3% ($430 million).

Overall investment grew month-to-month, year-to-year, and year-to-date compared to the same time last year. Across all metrics, the industrial sector saw the largest increase.



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