Ottawa, On – As reported on by Statistics Canada, investment in building construction was down 1.7 per cent to $18.1 billion in July. The report also highlights that for the third consecutive month, residential construction declined while non-residential construction was up slightly.
Investment in residential construction
Following a period of strong growth between May 2020 to April 2021, investment in residential construction fell for the third consecutive month, down 2.6 per cent in July. Declines in all provinces brought investment in single-family homes down 4.0 per cent to $7.2 billion. Ontario posted the largest decrease after reaching a record high in April, followed by Quebec, Saskatchewan and Alberta, reports Statistics Canada.
Additionally, multi-unit construction investment was down 1.0 per cent to $6.2 billion in July, reflecting decreases in seven provinces. Ontario reported the largest decline, followed by British Columbia and Manitoba.
Investment in non-residential construction
Despite a decline in residential construction investment, the non-residential construction investment sector was up 0.9 per cent to $4.6 billion in July.
Institutional investment posted its ninth consecutive increase, up 2.2 per cent to $1.3 billion, with the majority of provinces and territories reporting gains in July. Construction of a York University building in Ontario as well as ongoing construction of secondary schools in Quebec and British Columbia contributed to the national growth, Statistics Canada reports.
Industrial investment was the single component to post a decline in July, edging down 0.2 per cent. Quebec decreased for a second month, while Alberta and Prince Edward Island also recorded declines.
Lastly, commercial investment also saw an increase in July, up 0.6 per cent to $2.5 billion. Alberta recorded the highest increase, up 6.0 per cent.