Investment in Building Construction Increases in August
October 17, 2022 | By Logan Caswell
The residential sector rose 0.5% to $15.7 billion, while the non-residential sector declined 0.2% to $5.3 billion.
Statistics Canada has announced investment in building construction increased 0.4% to $21.1 billion in August, with most of the gains coming from British Columbia. The residential sector rose 0.5% to $15.7 billion, while the non-residential sector declined 0.2% to $5.3 billion.
British Columbia drives residential sector
Investment in residential building construction was up with single-family home investment rising 0.6% to $8.6 billion, a sector that has remained relatively stable over the last six months.
Multi-unit construction investment for the month increased 0.5% to $7.2 billion, with significant gains from British Columbia (+10.6%). Multiple new apartment projects spanning across Vancouver helped contribute to the growth.
Minor decline in non-residential sector
Investment in non-residential construction edged down 0.2% to $5.3 billion.
Investment in the industrial component rose 0.9% to $1 billion in August, a ninth consecutive monthly increase. Overall, seven provinces reported gains, led by Quebec.
Commercial investment edged up 0.1% to $3 billion. Alberta led the gains, as it continued to show significant growth over the last 12 months, up 20.2% year-over-year in August.
Institutional construction investment declined 1.4% to $1.3 billion. Most of the weakness came from Ontario as investment decreased for the second consecutive month in this component. Conversely, Prince Edward Island saw an 88.8% increase for institutional buildings with the construction of a new elementary school in Charlottetown contributing to most of the gains.