Investment in Building Construction Increases in October
By Logan CaswellConstruction HPAC General Human Resources Management Canada construction October Statistics Canada
Residential construction investment rose 1.4% to $12.9 billion in October, the first increase in five months.
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%).