May 25, 2023: Investment remains at consistent level in Q1 2023

May 25, 2023

Summary: Total ICI building construction investment was down only 0.1% from February and up around 16% compared to March of last year. Year-over-year changes were largest in the industrial sector.

Monthly Changes
Total ICI investment in building construction decreased by a negligible 0.1% from February to March. Commercial building investment dropped slightly by 1.5% ($1.29 – $1.27 billion), industrial investment grew 2.6% ($526 – $540 million), and institutional investment rose just 1% ($491.3 – $496.2 million).

Despite the small monthly increase, industrial building investment is at an all time high (when measured in current dollars, not adjusted for seasonality).

Overall ICI investment was about 16% higher than March 2022 ($2 – $2.3 billion). By sector, changes were more varied. Commercial sector building investment was 6.8% higher ($1.19 – $1.27 billion), industrial investment was almost 41% higher ($384 – $540 million), and institutional investment was about 18% higher ($419.8 – $496.2 million).

Total investment in ICI building construction was up about 14% compared to the same time last year, with the industrial sector experiencing the largest percentage change. The year-to-date values ending in March also represent the Q1 2022 and Q1 2023 total values, and consequently the percentage changes in the table also represent year-over-year Q1 changes.



Ali Ahmad
Research Analyst

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