Investment in building construction increased in October 2022.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.