Investment in Building Construction Drops in July
Residential construction declined for a third consecutive month following a record peak in April.
Statistics Canada has announced investment in building construction was down 1.7% to $18.1 billion in July.
Residential construction declined for a third consecutive month following a record peak in April, while non-residential construction was up slightly.
Single-unit construction slows down
Residential construction investment was down 2.6% in July, a third consecutive monthly decline after a sustained period of strong growth from May 2020 to April 2021.
Declines in all provinces brought investment in single-family homes down 4.0% to $7.2 billion. Ontario posted the largest decrease after reaching a record high in April 2021.
Multi-unit construction investment was down 1.0% to $6.2 billion in July, thanks to decreases in seven provinces.
Institutional sector drives non-residential construction
Non-residential construction investment was up 0.9% in July to $4.6 billion.
Institutional investment posted its ninth consecutive increase (+2.2% 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 growth.
Commercial investment was up 0.6% to $2.5 billion in July. Alberta posted the highest increase (+6.0%) due to higher spending on office buildings and buildings for trade and services.
Industrial investment was the single component to post a decline in July, edging down a minor 0.2%. Quebec decreased for a second month, while Alberta and Prince Edward Island also had notable declines.
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May 11, 2022