Investment in building construction rose by 1.1% to $17.9 billion in August, buoyed by growth in the residential sector.

Following five months of consecutive declines, investment in residential building construction rose 1.6% to $11.9 billion in August. Quebec (+7.6%; +$2.1 billion) led the growth in both single-family and multi-unit investment.

Single-family home investment rose 2.4% to $5.9 billion. Overall, six provinces posted gains. Quebec (+10.6%; +$95.0 million) had its largest monthly increase in this component since March 2022.

Multi-unit construction investment was up 0.9% to $6.0 billion in August 2023. Notably, after peaking in September 2022, British Columbia (-3.2% to $1.3 billion) posted its 11th consecutive decline.

Investment in non-residential construction, meanwhile ticked up 0.1% to $5.9 billion in August.

Despite gains in industrial (+1.1%; +$13.4 billion) and institutional (+0.7%; +$10.1 million) investment, a decline in the commercial component (-0.5%; -$15.8 million) left the non-residential sector largely unchanged for the month.