Construction Investments Building in Canada

The strong Canadian economy helped drive investment in residential construction up 7.6 % in the 3rd quarter from the same period a year ago.

The growth, to $21.7 billion, was due to increases in all three components of residential construction investment:

• new housing;
• renovations;
• acquisition costs.

Residential construction investment has reached $59.3 billion through three quarters of 2006, up 8.6% from the total for the first nine months of 2005.

The numbers to Canada's strong economy, vitality of full-time employment numbers, relatively good mortgage rates and high international immigration.

Sharp increases in new-home prices in several centers also contributed to the increase in spending on residential construction.