Investment in non-residential building construction up 1.5%: StatsCan
Last Updated: Wednesday, October 15, 2008 | 4:51 PM ET
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Investment in non-residential building construction went up 1.5 per cent to $10.8 billion in the third quarter of 2008, mainly pushed by price increases in institutional and commercial building construction, according to Statistics Canada.
Despite leveling off over the past two years, investments advanced over the third quarter in commercial and institutional components, but the industrial section lagged.
Investors spent $6.7 billion on commercial projects, up 1.4 per cent from the second quarter, while in the institutional component, investment rose 3.6 per cent to $2.7 billion.
Spending in the industrial component, however, decreased 1.5 per cent to $1.4 billion due to the decline in the building of manufacturing plants in Ontario and in Quebec.
While Alberta, Saskatchewan and Manitoba reported a spike in construction activities on manufacturing and industrial plants, it was not enough to stem the overall decline, the stated.
Quebec leads as B.C. trails
In the third quarter, eight provinces and two territories recorded advances, led by Quebec, where increases in all three components pushed up total investment by 4.2 per cent to $1.9 billion.
British Columbia posted the biggest decline, mainly as a result of lower spending on health-care facilities.
The institutional projects in B.C., which commenced in 2006 and early 2007, are on the verge of completion, leading to the decline in institutional investments.
Edmonton tops among metro areas
Investment in commercial buildings rose in 22 of 34 metropolitan areas surveyed. The largest increase occurred in Edmonton, where significant increases in all three components resulted in an 8.3 per cent advance to $578 million in the third quarter.
Investment in Ottawa-Gatineau had significant declines, the result of decreases in the commercial and institutional components.
Investment in commercial building construction increased in the third quarter, mainly the result of higher spending on the construction of storage and warehouse buildings in Ontario and office buildings in Quebec.
Alberta and Newfoundland and Labrador recorded declines, while in British Columbia, commercial investment remained unchanged.
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