Commercial building investments for construction were up as well with a rise of 1.4% in Alberta to $1.6 billion, and a rise of 2.3% nationally to $6.7 billion when compared to the first quarter of 2012.
In the metropolitan area of Calgary a rise of 1.2% was seen bringing investment levels up to $829 million. Approximately 70% of the construction in Alberta that can be considered non-residential is focused on commercial properties like office towers and shopping malls. During the second quarter the value of construction for office towers alone was sitting at $1.6 billion in Calgary's downtown core.
This flurry of construction activity only adds to the positive outlook for Alberta's economy. With the roar of construction vehicles passing by, dust being raised and construction laborers hard at work, it's a messy but very encouraging sign of Calgary's economic growth.
Declines were seen for investments in institutional construction across Canada in the second quarter. There was a 1.1% decline nationally, which brought the figure to $3.1 million and signaled the ninth quarterly consecutive decrease according to Stats Canada.
Several educational projects were completed during this time in Alberta, which witnessed a decline of 5.3%, bringing the investment figure to $271 million.
Overall, Canada, Alberta and Calgary are seeing steady investment growth in most of the major categories. When the dust settles on your car as you drive by one of these construction sites, tip your hat to one of the workers. They are part of the workforce that is bringing Calgary to a new level of economic growth and stability.
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