The growth of the leading indicator ramped up to 0.6% in March, double its increase in February, Statistics Canada said today.

The government agency said the advance was spurred by ongoing gains in housing and the stock market since the start of the year. Only two of the 10 components declined, both related to manufacturing.

The housing index rose 2.9%, its largest since last summer. Housing starts led the increase, especially in Alberta and British Columbia.

The buoyancy of housing demand was reflected in a 1.8% surge in furniture and appliance sales, its most since June 1991. Demand for other durable goods eked out a small gain after declines in three of the previous four months.

StatsCan said auto sales remained lacklustre.

The stock market hit another record in March, buoyed by metals whose prices recently replaced energy’s as the focus of demand on commodity markets.

Manufacturers continued to struggle with sluggish demand and rising input costs. New orders trended down in March, and shipments followed suit after five months of modest gains. Losses in key export industries such as wood outweighed continued strong gains for investment goods, notably machinery and non-metallic minerals destined for the booming western provinces.

The strength of business spending was reflected in rising demand for business services.

The underlying trend of U.S. demand improved, with the U.S. leading indicator growing 0.5%, the most in nearly two years. While housing has softened, solid job growth supported consumer spending while export and business investment demand remained solid.