July 25, 2023
SUMMARY
Total ICI building construction investment was up 2.1% compared to April.
MONTHLY CHANGES
Total ICI investment in building construction increased by 2.1% from April to May ($2.42 – $2.47 billion). Commercial building investment increased 1.4% ($1.35 – $1.36 billion), industrial investment grew 1.6% ($566 – $575.1 million), and institutional investment rose 4.5% ($505.8 – $528.6 million).
MEASURED IN CONSTANT DOLLARS
Both commercial and industrial building investment continued to climb past record highs when measured in current dollars (unadjusted for seasonality). However, as with April’s data release, numbers were still shy of record highs when accounting for inflation. In constant 2012 dollars, May 2023 commercial building investment ($837.8 million) was higher than previous months, all the way back to January 2022 ($840.9 million). However, this was lower than most investment numbers from 2021 and well below the record high of $1 billion from August 2020. Industrial building construction investment ($333.4 million) was the highest since December 2019 ($336.9 million) and inched closer to the record high of $348.8 million from September 2018.
YEAR-TO-DATE
Total investment in ICI building construction was up 17.5% compared to the same time last year, with the industrial sector experiencing the largest percentage change (39.1%).
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FOR MORE INFORMATION, CONTACT:
Ali Ahmad
Research Analyst
Ontario Construction Secretariat (OCS)
180 Attwell Drive, Suite 360, Toronto, ON M9W 6A9
P 416.620.5210 ext. 222
aahmad@iciconstruction.com
