Office spend

25 April 2008

Heavy spending on office buildings has pushed investment in Canada’s non-residential building construction sector to another record high between July and September. According to the latest report by Canada’s National Statistical Office, investment hit CA$ 8.9 billion (US$ 7.8 billion), up +1.9% from the second quarter (Q2), the 14th straight quarterly increase.

Investment reached record highs in two of three sectors. In the commercial and institutional sector, investment in commercial properties hit CA$ 5.1 billion (US$ 4.5 billion), up +4% from Q2. Investment in the institutional sector edged up +0.7% to CA$ 2.4 billion (US$ 2.1 billion). However, spending in the industrial sector declined -3.5% to CA$ 1.4 billion (US$ 1.2 billion).

Provincially, the biggest third quarter increase occurred in Alberta, where investment in non-residential building construction rose +7% to CA$ 1.7 billion (US$1.5 billion), a 9th straight quarterly gain. British Columbia was second, investment increasing by +2.6% to CA$ 1.3 billion (US$ 1.1 billion).

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