Jan 18, 2023: Investment (Nov 2022)

January 18, 2023

Summary: Total ICI investment grew 1.4% from October to November. Year-to-Date (YTD) investment was 7.4% higher than last year, while YTD industrial investment increased 22%.

Monthly Change
Monthly changes were relatively small, with total ICI investment increasing only 1.4% ($2.23-$2.26 billion). Commercial investment increased the most, at 2.5% ($1.24-$1.27 billion). Industrial investment grew 1.7% ($513.1-$521.8 million), while institutional investment decreased by 1.5% ($478.4-$471.2 million).

Industrial Investment
When using current unadjusted dollars, industrial building investment has continued to reach new record highs since June ($443.2 million) and has increased for 8 consecutive months since April. Industrial building investment also continued to be substantially higher in 2022 compared to 2021, with a 34.6% year-over-year increase for November ($387.6-$521.8 million).

Year-To-Date (YTD)
Investment was up across all ICI sectors; overall YTD investment was up 7.4%, led by the industrial sector which experienced an increase of 22%.

As investment in building construction is an indicator of current construction, these trends signal that ICI construction activity may have increased from October to November. The data also signals that there may be more YTD construction activity across all sectors, especially industrial.



Ali Ahmad
Research Analyst

Ontario Construction Secretariat (OCS)
180 Attwell Drive, Suite 360, Toronto, ON M9W 6A9
P 416.620.5210 ext. 222