Ottawa, ON — Investment in building construction was on the decline in June. Overall, it declined 3.4 per cent to $10,3 billion, according to Statistics Canada. Declines were seen in both the residential and the non-residential sectors.
For the fourth straight month, investment in residential construction declined, down 4.5 per cent. The decline was primarily due to investment in Ontario, which reported a 5.8 per cent drop.
Single-family home construction also fell 5.7 per cent to $6.2 billion in June. Declines were seen in eight provinces. In the second quarter of 2023, the single-family home sector fell 10.5 per cent, the largest decline since the second quarter of 2020.
Additionally, multi-unit construction declined for the eighth straight month, falling 3.1 per cent in June, the lowest level since September 2021. In the second quarter of 2023, this sector declined for the third straight quarter, falling 5.7 per cent.
Investments in non-residential construction also saw a decline, down 0.2 per cent to $5.9 billion in June. Widespread declines in Quebec, down 3.1 per cent, accounted for the decline.
In the second quarter of 2023, investment in non-residential construction rose 1.8 per cent to $17.8 billion.
Investments in industrial (down 1.4 per cent) and institutional (down 1.4 per cent) construction also saw declines. However, investment in commercial constructions had a slight increase, up 0.8 per cent.
Additionally, in the second quarter of 2023, Investment in industrial buildings rose 5.6 per cent to $3.7 billion, while commercial construction increased 1.7 per cent to $9.8 billion.