Construction spending begins to rebound in May

OTTAWA — Total investment in building construction increased 60.1 percent to $13.4 billion in May, StatCan reports, partially rebounding from large declines in April. Investment in residential construction rose 57 percent to $8.4 billion. Spending on single-unit construction bounced back 71.7 percent to $4.1 billion, exceeding multi-unit growth which increased 45.2 percent to $4.3 billion. Although Ontario and Quebec reported the largest provincial gains for the month, all provinces bounced back somewhat from sharp declines in April. Despite these strong gains, residential investment remained 22.7 percent lower than February, before COVID-19-related restrictions were put in place.