Ottawa, ON — Investment in building construction continued to decline in July, down 2.6 per cent to $17.5 billion, reports Statistics Canada.
Residential investments in construction recorded declines for a fifth consecutive month, falling 4.1 per cent to $11.5 billion. Declines were seen in eight provinces.
Additionally, single-family home construction investment declined 5.5 per cent to $5.8 billion, the lowest level since August 2020, with Ontario accounting for most of the fall.
Multi-unit construction investment continued to stay down, falling 2.8 per cent to $5.7 billion in July 2023. This marks the ninth consecutive monthly decrease for this sector.
Despite declines in the residential sector, the non-residential sector saw slight increases, up 0.5 per cent to $5.9 billion in July. Notable gains in British Columbia, Alberta and Saskatchewan offset declines in six provinces.
After two consecutive monthly decreases, investment in the industrial component increased 0.6 per cent to $1.2 billion, while commercial investment edged up 0.3 per cent to $3.3 billion.
Additionally, institutional construction investment rose by 1.2 per cent to $1.5 billion.