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Construction Investment

Residential construction investment for the fourth quarter 2014

Ottawa - Residential construction investment rose 6.8% to $28.5 billion in the fourth quarter compared with the same quarter in 2013. Renovation spending accounted for most of the increase at the national level, rising 10.3% to $12.9 billion. Single-family dwellings (+5.1% to $6.8 billion), row houses (+13.6% to $1.2 billion) and apartments (+3.5% to $3.8 billion) also contributed to the gain.

Total investment in residential construction was up in eight provinces in the fourth quarter, led by Ontario, followed by Quebec, Alberta and British Columbia. The advance in Ontario (+7.3% to $10.7 billion) was the result of increased investment in renovations and, to a lesser extent, single-family dwellings. The gain in Quebec (+6.7% to $5.2 billion) also resulted from higher renovation spending, although apartments and row houses also contributed. Alberta's advance (+6.8% to $4.6 billion) stemmed from higher investment in both single-family dwellings and apartments, while most of British Columbia's gain (+6.7% to $4.5 billion) came from single-family dwellings and renovations.

Overall for the year, residential construction investment totalled $109.5 billion, up 3.8% from the previous year. This marked the fifth consecutive yearly increase. The majority of the gain came from higher renovation spending (+7.3% to $50.6 billion), followed by row houses (+15.2% to $4.4 billion) and single-family dwellings (+1.9% to $26.0 billion).

In 2014, Alberta posted the largest increase (+12.2% to $18.2 billion), followed by Ontario (+3.3% to $39.5 billion) and British Columbia (+5.8% to $16.3 billion). Conversely, every Atlantic province saw lower construction spending, except New Brunswick, which posted a slight increase (+0.3% to $1.6 billion) compared with 2013.

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