Building construction investment holds steady in October
Investment in building construction held steady in October, gaining just 0.2% for the month.
Statistics Canada reports the level of investment at $20.9 billion – almost exactly the same as reported at the end of September. Ontario reported nearly all of the gains.
Investment in residential building construction was down slightly by 0.1% to $15.4 billion in October. Quebec caused most of this fall, and has seen declines in this component since peaking in May.
The value of single-family home investment dropped 2.3% to $8.2 billion in October, with nine provinces reporting declines. This was the largest monthly decrease for single family construction since July 2021.
Multi-unit construction investment increased 2.5% to $7.2 billion, with Ontario (+8.6%) accounting for most of the growth. This was the province's largest recorded monthly increase since June 2020.
Investment in non-residential construction, meanwhile, increased 0.9% to $5.5 billion in October. Ontario (+1.2%) led the gains in each component.
Industrial construction investment rose 1.3% to $1.1 billion for the month and was up 24.4% year over year. This was the 11th consecutive monthly increase in this component.
Commercial construction investment increased 1.3% to $3.1 billion in October. Overall, seven provinces reported gains and three reported declines. Kelowna and Vancouver each had a new retail project that contributed to the gains in British Columbia.
Institutional construction investment edged down 0.3% to $1.4 billion. Manitoba (-21.0%) caused most of the decline, reversing the significant gains the province saw in the last two months.