Building construction investment in Canada sees 1.7% rise in November: Statistics Canada
January 19, 2024 | By HPAC Magazine
Alberta saw total investment in the residential sector reach $2 billion in November, a record high in the province since the beginning of January 2010.
Statistics Canada has reported that investment in building construction rose 1.7% to $19.8 billion in November, 2023.
The residential sector grew 2.2% to $13.7 billion, while investment in the non-residential sector edged up 0.4% to $6 billion.
The monthly increase in residential building construction in November was led by more activity in new construction in Nova Scotia (+10.4%), Alberta (+4.4%), Ontario (+4.1%), British Columbia (+2.3%) and Quebec (+1.0%).
In Alberta, the monthly growth brought total investment in the residential sector to $2 billion in November, a record high in the province since the beginning of January 2010.
These increases were partially offset by declines in the other provinces as the pace of new construction slowed from earlier in 2023.
Investment in detached single-family homes increased 1.2% to $6.6 billion in November, the fourth consecutive monthly increase.
Meanwhile, investment in multi-unit buildings, which includes apartments, semi-detached and row homes, increased 3.1% to $7.2 billion.
Investment in the non-residential sector edged up 0.4% to $6 billion in November. Gains in institutional (+3.1% to $1.6 billion) and industrial (+1.0% to $1.3 billion) investments were mostly offset by the decline in commercial investment (-1.2% to $3.2 billion) in November.
