Sept 20, 2023: Investment Continues to Rise Steadily

September 20, 2023

Summary: Total ICI building construction investment was up 2% from June to July. The percentage change was the largest for the institutional sector at 3.6%, while the industrial and commercial sectors grew at 1.4% and 2% respectively.

Monthly Changes
Total ICI investment in building construction increased by 2% from June to July ($2.49 – $2.54 billion). Commercial building investment increased 1.4% ($1.39 – $1.41 billion), industrial investment grew 2% ($587.7 – $599.4 million), and institutional investment rose 3.6% ($514.8 – $533.1 million). Consistent with the last several months, commercial and industrial building investment continued to inch past previous record highs when measured in current dollars (unadjusted for seasonality).

Total investment in ICI building construction was up 14.2% compared to the same time last year, with the industrial sector once again experiencing the largest percentage change (35.1%).

Inflation Adjusted Investment Values
When accounting for today’s high inflation, neither commercial nor industrial investment reached record levels. In constant 2012 dollars, July 2023 commercial building investment was $852.1 million. This is the highest since January 2022 ($867.7 million), but well below the record high of about $1.1 billion from August 2020. Industrial building construction investment in July ($337.5 million) was the highest since December 2019 ($336.9 million) but was shy of the record high of $349.5 million from August 2018.



Ali Ahmad
Research Analyst

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