Investment in Building Construction Increases in October

Statistics Canada has announced investment in building construction increased 1.6% to $17.8 billion in October, following five months of declines. Provincially, Quebec led the way, with growth of 3.5%.

Residential construction investment pauses recent trend

Residential construction investment rose 1.4% to $12.9 billion in October, the first increase in five months. Quebec (+3.3%) and Saskatchewan (+16.7%) were among the provinces leading the national gain.

Investment in single family homes edged up 0.6% to $7.0 billion, with notable gains in Quebec and Alberta.

A decrease in Ontario (-2.2%) partially offset the growth observed in much of the country.

Multi-unit construction investment rose 2.4% to $5.9 billion, led by gains in Ontario and Quebec. In comparison, New Brunswick posted a sixth consecutive monthly decline, falling to the lowest level since April 2020.

Non-residential construction investment continues to show strength

Non-residential construction investment was up across all components in October, with an overall increase of 2.0% to $4.9 billion, the highest value since July 2020.

Commercial investment rose 2.6% to $2.7 billion. British Columbia was the only province to post a decrease (-0.8%), continuing a slight downward trend that began in November 2019.

Investment in the institutional component rose 1.3% to $1.4 billion, with Quebec (+5.8%) largely behind the gain.

However, six provinces reported declines for the month.

Industrial construction investment increased 1.4% to $839 million, mainly driven by gains in Ontario (+1.8%).

statcan.gc.ca