Ottawa, ON — Investment in building construction declined 1.2 per cent to $19.9 billion in May, reports Statistics Canada.
On the residential side, the sector decreased 1.7 per cent to $14.0 billion in May. The decline saw Alberta report its lowest level since December 2020. This was also Alberta’s ninth consecutive monthly decrease.
Nationally, single-family home investment fell 2.9 per cent to $7.4 billion in May. Overall, seven provinces posted declines.
Additionally, multi-unit construction was down 0.3 per cent to $6.7 billion, with Quebec (down five per cent to $60.1 million) behind much of the fall as it continued to decline since its peak in May 2022.
Regarding investment in non-residential construction, the sector remained the same at 0.0 per cent at $5.9 billion in May.
Investment in industrial construction was down 0.4 per cent to $1.2 billion in May. This was mostly due to Quebec (down 3.2 per cent to $11.9 million), which saw an interruption to 20 consecutive months of growth in that province.
Nationally, commercial construction investment was down 0.2 per cent to $3.2 billion.
However, the institutional component was up 0.6 per cent to $1.4 billion, with Ontario (up 2.9 per cent to $15.4 million) responsible for the gains.