Investment in building construction rises to $19.4 billion in October.
December 20, 2023 | By HPAC Magazine
Investment in residential building construction saw the largest gains, led by the Prairie provinces.
Investment in building construction across Canada rose by 2.7% month-over-month to $19.4 billion in October.
The greatest increase was seen in the residential sector which grew 3.9% to $13.4 billion, while investment in the non-residential sector was essentially flat, remaining at $6 billion.
Investment in residential building construction saw gains in eight provinces. The Prairie provinces, Manitoba (+16.2%), Saskatchewan (+11.5%) and Alberta (+9.5%), had the strongest gains, while Newfoundland and Labrador (-6.1%) saw the largest decline.
Investment in detached single family homes increased 3.1% to $6.5 billion, led by a 23.3% increase in Manitoba.
Multi-unit investment (apartments, semi-detached and row homes) rose 4.6% to $6.9 billion on strong growth across all provinces, with only Newfoundland and Labrador (-8.8%) and Quebec (-1.5%) posting declines.
Investment in the non-residential sector say slight gains in industrial (+1.0% to $1.2 billion) and institutional (+0.7% to $1.6 billion) which were offset by declines in commercial investment (-0.7% to $3.2 billion).
Gains in the institutional sector were led by investments in hospital facilities.
