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May 31, 2022NON-RESIDENTIAL FIXED CAPITAL INVESTMENT, Q1 2022 With Q1 reference results, year-over-year (Q1 2022 vs Q1 2021) comparisons are in part showing differences in economic activity from differences in COVID-19 pandemic and restrictions.
Non-residential fixed capital investment consists of expenditures made by business, governments and non-profit institutions serving households that add to the capital stock for production of goods and services in an economy. Investment that are included are buildings, engineering construction (i.e. bridge, mine structure), machinery and equipment, and intellectual property products (i.e. software, mineral exploration) but it doesn’t include non-reproducible assets (lands, mineral deposits, natural resources) or housing investment. Statistics Canada has begun to release quarterly data on non-residential fixed capital investment and stock for the provinces with historical data back to 2013. Note, the data is not seasonally adjusted and expressed in current prices.
Nova Scotia non-residential investment has trended upwards since Q1 2014, rising from $1,226 million in Q1 2014 to $1,715 million in Q1 2022.
In Q1 2022, investment in Nova Scotia's fixed capital declined 5.9% from the previous quarter (unadjusted for seasonality). Business sector non-residential investment trended downward over 2016 to 2020, before beginning to pick up in 2021. Government and non-profit institution serving households was mostly flat from 2014 through 2017 but has been growing since 2018 through Q4 2021.
Within the business sector, machinery and equipment account for the largest share of fixed capital investments. Compared to Q1 2021, business sector investment increased 12.4% with increases in non-residential buildings (+15.3%), engineering construction (+29.4%) and machinery and equipment (+12.6%). Intellectual property products (-1.4%) declined compared to Q1 2021.
Government investment in machinery and equipment rose through 2018 and remained at elevated levels averaging above $300 million per quarter from 2019 to 2021. Government and non-profit investment in machinery and equipment fell in Q1 2022 compared to the same period one year ago by 21.7%. Investment was higher for Q1 2022 than Q1 2021 for government and non-profit institutions in non-residential buildings (+17.8%), engineering construction (+17.9%) and intellectual property products (+2.2%).
PROVINCES NON-RESIDENTIAL INVESTMENT: Q1 2022 vs Q1 2021
Nova Scotia non-residential investment (all sectors, all assets) increased 3.3% from Q1 2021 to Q1 2022. Non-residential investment increased in all provinces from the previous year in Q1 2021. Nationally non-residential investment was up 13.5% with Newfoundland and Labrador (+18.6%) posting the largest increase and Nova Scotia posting the smallest gain.
Business sector investment in Nova Scotia increased 12.4%. The business sector in Newfoundland and Labrador (+21.1%) reported the largest increase while the business sector in Quebec (+12.1%) reported the smallest increase.
Government and non-profit fixed capital investment increased in every province, except Nova Scotia(-3.0%), compared to Q1 2021. Alberta (+12.6%) posted the largest gain.
Compared to Q1 2021, non-residential investment in buildings was up 17.1% in Nova Scotia. National investment in non-residential building construction was up 16.4% with the fastest growth in Prince Edward Island and Newfoundland and Labrador (both +17.2%). The slowest increase in Manitoba (+16.0%).
Engineering structure investment was up 21.7% in Nova Scotia. Investment in engineering structures was up 26.3% nationally with every province reporting year-over-year increases in Q1 2022. Newfoundland and Labrador (+27.7%) reported the strongest growth while Prince Edward Island (+20.5%) had the smallest increase.
Machinery and equipment investment increased 9.2% in Canada with all provinces except Nova Scotia (-8.5%) reporting increases. Saskatchewan (+11.5%) reported the largest increase.
Intellectual property products was unchanged in in Nova Scotia over Q1 2021. Intellectual property investment was up 0.2% in Canada led by growth in Newfoundland and Labrador (+10.7%).
NOVA SCOTIA (2022 Q1 vs 2021 Q1)
Non-residential investment in Nova Scotia increased 3.3% in 2022 Q1 compared to 2021 Q1. Business sector investment was up 12.4% (+$84 million) while the government and non-profit institution sector was down 3.0% (-$30 million). Business sector investment rose in three categories: buildings (+15.3%), engineering construction (+29.4%), machinery and equipment (+12.6%). For the government and non-profit sector, investment was lower with the 21.7% decline in machinery and equipment (-$100 million).
Statistics Canada. Table 34-10-0163-01 Flows and stocks of fixed non-residential and residential capital, by sector and asset, provincial and territorial (x 1,000,000)
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