What’s there to do during a pandemic?
Build homes, goes the answer for many Canadians.
Statistics Canada reports that investment in new home construction continues to rise.
Spending climbed for the fourth consecutive month in August 2020.
According to the federal agency, investment in residential building in that month increased 8.2 percent compared to July, for a total of $10.8 billion.
Meanwhile, spending on non-residential construction, which covers industrial, commercial, and institutional buildings, amounted to $5.2 billion, a decrease of 1.2 percent.
All in all, investment in building construction increased to $16 billion in August, for a monthly change of five percent.
“As construction companies pushed to catch up on work delayed earlier in the spring, August saw construction investment reach a record high,” Statistics Canada reported Wednesday (October 7).
The federal agency defines investment in residential and non-residential building construction as the spending value of building construction by households, enterprises, and governments for buildings.
The amount excludes the value of land.
In its October 7 report, Statistics Canada noted that year-to-date total investment was 3.7 percent lower than for the same period in 2019.
Regarding investment in new home construction, Ontario led with $4.2 billion.
Quebec followed second with $2.3 billion; B.C., $1.7 billion; and Alberta, $1.3 billion.
Investment in single-family home construction rose 5.4 percent to $5.4 billion.
Meanwhile, spending on multi-family homes climbed 11.2 percent to $5.4 billion.