May 18, 2022
Q1 ICI Investment Down in All 3 ICI Sectors in Ontario
Statistics Canada recently released Investment in Building Construction data for March, allowing us to look at ICI investment in Ontario for the first quarter of 2022. Ontario’s Q1 ICI investment fell by 7.1% compared to the first quarter of 2021. It is worth noting though that Q1 2021 saw the highest level of ICI investment in the past two years. At $4.21 billion, the Q1 2022 total was the lowest for any first quarter in Ontario in the past five years.
Investment in the first quarter of 2022 in Ontario was down in all three ICI sectors compared to the first quarter of 2021. Commercial investment in Ontario fell by 9.6% in the first quarter of this year over Q1 2021, although the Q1 2022 total of $2.53 billion is on par with the average of the previous eight quarters (Q1 2020-Q4 2021). Ontario’s industrial investment in Q1 2022 was down by 6.2% compared to Q1 2021. The 2022 first quarter total of $764.7 million was the lowest in the sector for any quarter since Q2 2017.
Institutional investment in Ontario fell by less than a half of a percent (-0.4%) in the first quarter of this year compared to the same quarter in 2021. While only a miniscule drop over last year, the Q2 2022 institutional investment total of $915.4 million was the sector’s lowest total for any quarter in at least the past twelve years. In March 2022 specifically, institutional investment in Ontario fell below $300 million in a single month for only the second time in at least the past twelve years. (Statistics Canada’s Investment in Building Construction data is not available for months prior to January 2010).
38 Projects Listed in IO Market Update with the Addition of 1 New Hospital Project
Infrastructure Ontario’s second Market Update for 2022 includes 38 projects (totalling more than $50 billion in estimated total capital cost), with 26 projects in pre-procurement and 12 in active procurement. The list also includes 17 additional government-announced projects in early stages of planning and determining the project’s scope, timing and delivery model.
To view the update, click here
To view the Business Plan, click here
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FOR MORE INFORMATION, CONTACT:
Katherine Jacobs
Director of Research
Ontario Construction Secretariat (OCS)
180 Attwell Drive, Suite 360, Toronto, ON M9W 6A9
P 416.620.5210 ext. 222
F 416.620.5310
kjacobs@iciconstruction.com
