January 22 2024: Investment nudges up slightly

January 22, 2024

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%.

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.

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%).



Ali Ahmad
Research Analyst

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