Slight dip in building construction investment in July
September 18, 2023 | By HPAC Magazine
Single-family home construction investment declined the most, dropping by 5.5% month-over-month.
The latest from Statistics Canada reports that overall investment in building construction declined 2.6% to $17.5 billion in July, when compared with the previous month.
The residential sector decreased 4.1% to $11.5 billion, while the non-residential sector was up 0.5% to $5.9 billion.
Single-family home construction investment declined 5.5% to $5.8 billion, the lowest level since August 2020, with Ontario accounting for most of the fall.
Multi-unit construction investment was down 2.8% to $5.7 billion in July 2023, the ninth consecutive monthly decrease. What’s interesting is that the value of building permits for residential construction in July, an indicator of future investment in residential building construction, has been trending upwards.
Institutional construction investment rose by 1.2% to $1.5 billion, in part because of a new hospital project in Dawson Creek which provided notable gains in B.C.
