Residential construction investment ticks up in August
October 20, 2023 | By HPAC Magazine
Despite slight gains, investment in residential building construction across the country is still down year-over-year.
Overall investment in building construction across Canada for the month of August showed a slight increase of 1.1% over July.
The residential sector reversed trend and actually recorded a monthly gain, up 1.6%, after five months of consecutive declines. Regionally, Quebec led the growth in both single-family and multi-unit investment (+7.6%).
Nation-wide, single-family home investment rose 2.4% with six provinces reporting gains, and again Quebec had its largest monthly increase in this component since March 2022 (+10.6%).
Multi-unit residential construction investment was up less than a percent. And after a peaking in September 2022, British Columbia posted its 11th consecutive month-over-month decline in this component (-3.2%) .
Investment in non-residential construction remained relatively flat month-over-month rising 0.1% in August with all components of ICI (institutional, commercial and industrial) construction showing slight movement: institutional (+0.7%); commercial (-0.5%); industrial (+1.1%).