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July 14, 2008

Canada: Nonresidential Investment Up 0.8% in 2Q

Source: Statistics Canada
 
Rising construction prices contributed to a 0.9% increase in current dollars in investment in non-residential building construction in Canada in the second quarter of 2008.
 
Canadian investment reached $10.5 billion between April and June as the increase was led by spending on medical facilities and office buildings.
 
However, after taking into account higher construction prices, investment in non-residential construction declined 3.7% in 2002 constant dollars.
 
Investment increased in all three components from the first quarter. In the commercial component, it rose 0.8% to $6.5 billion. In the industrial component, it went up 1.6% to $1.5 billion, and in the institutional component, it edged up 1.0% to $2.6 billion.
 
Six provinces recorded second-quarter gains. The biggest increases, in dollars, occurred in Alberta, Ontario, Quebec and Saskatchewan.
 
In contrast, British Columbia posted the biggest decline, the result of lower spending on commercial, institutional and industrial projects. These projects were started in 2006 and early 2007 and are now almost completed.
 
Overall, 21 of the 34 census metropolitan areas posted quarterly declines. The biggest drop was observed in Vancouver.

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