Investment in non-residential construction in Metro Vancouver has continued its upward trend for the fifth consecutive quarter, hitting a record high in Q1 of 2013, according to the Vancouver Regional Construction Association's analysis of data from Statistics Canada.
Investment rose to $885 million (seasonally adjusted) in the first quarter, an increase of 4% when compared with 2012's fourth quarter ($851.1 million).
"We are pleased to see gains for the fifth consecutive quarter for non-residential investment building construction," said Jan Robinson, Vancouver Regional Construction Association's interim president.
"Public and commercial investment in particular have made this the strongest quarter ever in Metro Vancouver, breaking the previous record set in the first quarter of 2009."
Other findings:
- commercial building construction also increased, rising 2.3% to $586.3 million;
- industrial building construction remained the same at $61.1 million; and
- institutional-government building investment rose 9.5% to $237.5 million.
Year-over-year, non-residential spending was up 23.2% when compared with the first quarter of 2012.
"Building permits and the steady improvement in market conditions point to further gains in all three sectors through 2013, with lesser gains likely in 2014," said Robinson.
