ICI construction investment remains at consistent levels: OCS

A recent economic report by the Ontario Construction Secretariat revealed that the total ICI building construction investment was down only 0.1 per cent from February and up around 16 per cent compared to March 2022.

According to the report, year-over-year changes were largest in the industrial sector.

The report also revealed that a total ICI investment in building construction decreased by a negligible 0.1 per cent from February to March.

Commercial building investment dropped slightly by 1.5 per cent ($1.29 – $1.27 billion), industrial investment grew 2.6 per cent ($526 – $540 million), and institutional investment rose just 1 per cent ($491.3 – $496.2 million).

According to the report, despite the small monthly increase, industrial building investment is at an all time high (when measured in current dollars, not adjusted for seasonality).

Overall ICI investment was about 16 per cent higher than March 2022 ($2 – $2.3 billion). By sector, changes were more varied. Commercial sector building investment was 6.8 per cent higher ($1.19 – $1.27 billion), industrial investment was almost 41 per cent higher ($384 – $540 million), and institutional investment was about 18 per cent higher ($419.8 – $496.2 million).

Total investment in ICI building construction was up about 14 per cent compared to the same time last year, with the industrial sector experiencing the largest percentage change. The year-to-date values ending in March also represent the Q1 2022 and Q1 2023 total values, and consequently the percentage changes in the table also represent year-over-year Q1 changes.