Monthly ICI Investment Reaches Record High in June
Last week, Statistics Canada released its Investment in Building Construction numbers for the first half of 2020. In the release, it showed the highest monthly investment in ICI construction on record.
Over $2.2 billion were invested in Ontario’s ICI sector in June, 15% more than any previous month this year. Looking at the year so far (January-June), ICI investment in Ontario is nearly 5% greater than the same period in 2019. All three sectors are up compared to the first half of last year as well.
Again, looking at the first half of this year, ICI investment is above 2019 numbers in 13 of Ontario’s 16 metropolitan areas. In London, ICI investment is up by half (51%), while Peterborough’s investment value is 39% greater than the first half of 2019. There have also been double-digit increases in Guelph (29%), Windsor (24%), Thunder Bay (22%), Belleville (19%), Oshawa (17%), and Brantford (12%). ICI investment has grown by single-digits in the first half of 2020 in St. Catharines-Niagara (9%), Ottawa (7%), Kitchener-Cambridge-Waterloo (6%), Hamilton (4%), and Toronto (3%). The three metro areas with year-over-year drop-offs in investment are Barrie (-39%), Kingston (-17%), and Greater Sudbury (-8%).
Despite these numbers, OGCA members remain uncertain about instability in the economic and construction market. We will continue to update members regarding trends in ICI construction permitting and investment.
The OGCA also remains committed to advocating for much needed contractual relief for general contractors and investment in infrastructure projects.
For more information on permitting, and investment in ICI construction, visit the Ontario Construction Secretariat’s website at www.iciconstruction.com