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(Source: Statistics Canada)
Statistics Canada has announced investment in building construction in October saw a small up-tick of 0.2% to $20.9 billion, with Ontario accounting for nearly all the gains. The residential sector edged down 0.1% to $15.4 billion, while the non-residential sector increased 0.9% to $5.5 billion.
Single family and multi-unit investment head in opposite directions
Investment in residential building construction was down slightly by 0.1% to $15.4 billion in October. Quebec caused most of this fall, as they continued to decline in this component after peaking in May.
Single family home investment decreased 2.3% to $8.2 billion in October, with nine provinces reporting declines. This was the largest monthly decrease for single family construction since July 2021. On a constant dollar basis, this was the eighth consecutive monthly drop after its historic peak in February 2022.
Multi-unit construction investment increased 2.5% to $7.2 billion, with Ontario (+8.6%) accounting for most of the growth. This was the province’s largest recorded monthly increase since June 2020.
Non-residential investment continues to climb
Investment in non-residential construction was up 0.9% to $5.5 billion in October, with Ontario (+1.2%) leading the gains in each component.
Industrial construction investment rose 1.3% to $1.1 billion for the month and was up 24.4% year over year. This was the 11th consecutive monthly increase in this component.
Commercial construction investment increased 1.3% to $3.1 billion in October. Overall, seven provinces reported gains and three reported declines. Kelowna and Vancouver each had a new retail project that contributed to the gains in British Columbia.
Institutional construction investment edged down 0.3% to $1.4 billion. Manitoba (-21.0%) caused most of the decline, reversing the significant gains the province saw in the last two months.
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