January 22, 2024
SUMMARY
Total ICI building construction investment was up 0.4% from October to November. Commercial sector investment contracted -1.4%, while industrial building investment rose 1% and the institutional sector increased 3.7%.
INVESTMENT
Monthly Changes
Total ICI investment in building construction increased by 0.4% in November, from $2.62 billion – $2.63 billion. Commercial building investment decreased from $1.38 billion to $1.36 billion. (-1.4%), industrial investment grew 1% ($625.1 million – $631.6 million), and institutional sector investment increased the most, from $612.6 million to $635.1 million (3.7%). Commercial sector investment has been on a gradual decline since July, while industrial sector investment continues to increase past record highs (in current unadjusted dollars), albeit at a steady pace. Institutional sector building investment is also the highest since 2012.
Yearly Changes
Year-over-year changes were much more pronounced, with industrial building investment up 20.1% ($525.9 million – $636.1 million) and institutional building investment up 18.6% ($535.6 million – $635.1 million). This suggests that the level of construction activity in these sectors is much higher than it was at this time last year.
YEAR-TO-DATE
Total investment in ICI building construction was up 12.9% compared to the same time last year, with the industrial sector experiencing the largest percentage change (29.5%).
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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
