June 19, 2024
SUMMARY
Investment in building construction for ICI was little changed from March to April, but still up +5.4% year-over-year (y/y). Commercial building investment saw a positive month-over-month change after a string of declines since July 2023.
INVESTMENT IN BUILDING CONSTRUCTION
Total ICI investment moved up a smidge at +0.1% m/m, increasing from $2.50 billion (B) in March to $2.51B in April (up +5.4% y/y). Commercial building investment increased the same dollar amount, from $1.20B to $1.21B (+0.9% m/m). While the trend of steadily declining investment reversed, it was still lower than it was in April 2023 (-6% y/y). This was also reflected in the year-to-date (YTD) commercial investment, which was about -5.6% compared to the prior year. Industrial investment contracted a few ticks at -0.2% m/m, from $654.4M to $652.9M but remained above last year’s level (up +14.8% y/y). Institutional investment was also relatively unchanged with a -0.1% m/m change, from $642M to $641.6M. However, there was still a significant +24.5% y/y change compared to April 2023. Overall, the data suggests that the slowdown in commercial sector building activity stalled in April but remains lower compared to last year. On the other hand, despite the minor slowdown in industrial and institutional investment, both sectors are likely experiencing more activity versus 2023.
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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
