Non-residential construction investment in Metro Vancouver rose for the fourth consecutive quarter to a level not seen since 2009's first quarter, according to the Vancouver Regional Construction Association's (VRCA) analysis of Statistics Canada's Investment in Non-Residential Building Construction report.
"While total non-residential construction investment spending for 2012 came in slightly below 2011 levels, due to less public-sector spending, gains in industrial spending and a strong upturn in commercial spending over the course of 2012 was impressive," said VRCA president Keith Sashaw.
Metro Vancouver's total non-residential building construction investment jumped 10.5% in 2012's fourth quarter to $832.4 million, seasonally adjusted, from $753.5 million in previous quarter.
Commercial building construction was up 12% to $560.5 million, industrial building construction was up 6.9% to $59.7 million and institutional-government rose 7.7% to $212.2 million, compared with the third quarter.
"First-quarter 2013 spending is expected to continue to climb and post gains in all three sectors," Sashaw said. "Metro Vancouver's economic recovery should continue through 2013, which bodes well for higher private sector investment, with the public sector contributing to a lesser extent."
