Ottawa, ON —Investment in building construction increased in October, largely due to gains in Ontario. The residential sector edged down 0.1 per cent to $15.4 billion, while the non-residential sector increased 0.9 per cent to $5.5 billion. Total investment in building construction was $20.9 billion.
Quebec caused most of the fall in residential construction as they continued to decline after peaking in May. Single-family home investment decreased 2.3 per cent to $8.2 billion in October, with nine provinces reporting declines. According to Statistics Canada, 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 historic peaks in February 2022.
Multi-unit construction investment increased 2.5 per cent to $7.2 billion with Ontario accounting for most of the growth. This was the province’s largest recorded monthly increase since June 2020, reports Stats Canada.
Non-residential investment continued to climb in October, with an increase of 0.9 per cent to $5.5 billion. Ontario led the gains in each component.
Industrial construction investment rose 1.3 per cent to $1.1 billion for the month and was up 24.4 per cent year-over-year. This was the 11th consecutive monthly increase in this component.
Commercial construction investment increased by 1.3 per cent to $3.1 billion. Overall, seven provinces reported gains and three reported declines. Kelowna and Vancouver each had a new retail project that contributed to the increase in British Columbia.
Institutional construction investment edged down 0.3 per cent to $1.4 billion. Manitoba caused most of this decline, reversing the province’s significant gains in the last two months.