National statistics agency releases latest numbers
Investment in building construction across Canada held largely steady in October, with a slight 0.2% monthly uptick to $20.9 billion, according to the national statistics agency.
Of this increase, Ontario accounted for nearly all of the gain. However, the residential sector saw a 0.1% downturn to $15.4 billion, Statistics Canada said.
The deceleration was mainly caused by a 2.3% monthly decrease in single-family home investment, which fell to $8.2 billion in October. Nine provinces reported declines for this period.
“This was the largest monthly decrease for single-family construction since July 2021,” StatCan said. “On a constant dollar basis, this was the eighth consecutive monthly drop after its historic peak in February 2022.”
Conversely, multi-unit construction investment went up by 2.5% to $7.2 billion, with Ontario’s 8.6% mostly propelling this growth.
How strong is non-residential construction investment in Canada?
Non-residential investment fared better, increasing by 0.9% monthly to $5.5 billion in October. Ontario (up by 1.2%) accounted for the bulk of this growth.
Industrial construction investment went up by 1.3% monthly and 24.4% annually to $1.1 billion, in its 11th straight monthly increase. Commercial construction investment also grew by 1.3% to $3.1 billion, fuelled by rises in seven provinces.
Institutional construction investment inched down by 0.3% to $1.4 billion, mainly due to a 21% decline in Manitoba that essentially reversed the province’s gains over the months prior, StatCan said.
