November 16, 2022
Summary: Investment in building construction for all ICI sectors increased modestly from August-September, with changes ranging between 3-5% across sectors. Quarterly increases were slightly higher, with an increase of 7.7% in total ICI investment from Q2 2022 to Q3 2022. Year-to-date for total ICI investment was up 7.1%. Industrial building investment led the way for both quarterly and year-to-date increases, sitting at an all time high.
Investment in Building Construction
Total ICI investment in building construction increased by a modest 3.7% ($2.14-$2.22 billion). Growth was similar across all sectors; commercial investment increased by 3.1% ($1.19 – $1.23 billion), industrial investment went up by 4.8% ($479.2 – $502.4 million), and institutional investment saw a 4% increase ($469.6 – $488.4 million).
Quarterly (Q3 2022)
Total ICI investment increased by 7.7% compared to Q2 2022, The industrial sector experienced the largest quarterly growth at 15.9% ($1.25 – $1.45 billion), followed by the institutional sector, with growth of 12.2% ($1.26 – $1.42 billion). The commercial sector saw a modest increase of 3.1% ($3.5 – $3.6 billion). Similarly, total ICI investment went up by 7.3% compared to Q3 of last year, with the industrial sector again experiencing the largest increase at 26.8%.
For each sector, YTD investment in building construction was higher compared to Jan-Sept 2021. Total YTD values were up 7.1%, with the industrial sector experiencing the largest increase (19.3%). Industrial sector investment was also the largest on record (the first time the record was broken this year was in June and building investment in the sector has been steadily increasing since).
As investment in building construction is an indicator of current construction, these trends signal that ICI construction activity is continuing to steadily increase. The data also signals that, compared to Jan-Sept 2021, there is likely more construction activity across all sectors, especially in industrial building construction.
FOR MORE INFORMATION, CONTACT:
Ontario Construction Secretariat (OCS)
180 Attwell Drive, Suite 360, Toronto, ON M9W 6A9
P 416.620.5210 ext. 222