Investment in Building Construction Decreases in May
Residential construction was down 2.7% in May thanks to declines in both single and multi-unit construction.
Investment in building construction across Canada decreased 1.9% to $19.4 billion in May, marking the first drop in seven months.
Residential investment declines for the first time in over a year
Residential construction was down 2.7% in May, bringing total investment to $14.8 billion thanks to declines in both single and multi-unit construction.
Investment in single-family homes was also down 2.7% to $8.3 billion. Quebec and Ontario led the way with larger declines compared to other provinces.
Multi-unit construction investment fell 2.6% to $6.5 billion in May. Quebec reported the largest decline (-11.0%), following a 13.0% increase in April.
Non-residential investment posts positive signs
Non-residential investment increased slightly by 0.6% to $4.7 billion in May.
Investment in commercial construction marginally increased 0.8% to $2.6 billion. Ontario continued to lead this area with multiple high-value construction projects in the works across the province such as Amazon fulfillment centres, the Labourers Union office building in Vaughan and a Canadian Tire distribution centre in Brampton.
Institutional investment continued its upwards trend for the seventh consecutive month, rising 1.2% to $1.2 billion. Quebec, Ontario, Alberta and Prince Edward Island were the provinces to report the highest gains.
Seven provinces saw declines in industrial construction, decreasing 0.7% to $837 million throughout Canada in May.
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May 11, 2022