Building construction investment rises in August

Investment in non-residential building construction, August 2023. (Source: Statistics Canada, Table 34-10-0175-01–Investment in Building Construction)

Investment in building construction increased slightly more than a percentage point in August, coming in at $17.9 billion, reports Statistics Canada. The residential sector drove the growth over the July figures, jumping 1.6 per cent to $11.9 billion. The non-residential sector held its own, however, remaining relatively stable with a 0.1 per cent gain to land at $5.9 billion.

The residential figures were a rebound for the sector after posting five months of consecutive declines. Quebec led the growth in both single-family and multi-unit investment.

By component, single-family home investment rose 2.4 per cent to $5.9 billion as six provinces posted gains, and multi-unit construction investment was up almost one per cent, to reach $6 billion.

Consistency was the name of the game in the non-residential sector, although there were gains and losses within the components of the sector. Despite gains in industrial and institutional investment, a decline in the commercial component left the sector largely unchanged for the month.

Year-over-year results were more promising in the non-residential sector, with all three components posting gains. The industrial segment was up more than 17 per cent; commercial almost four per cent; and institutional came in 2.3 per cent higher than 12 months earlier.

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