On-Site Magazine

Building construction investment rises in November

By Adam Freill   

Commercial Construction Industrial Institutional Residential

Small drop in commercial segment fails to hold back growth in residential and non-residential building construction investment.

Investment in non-residential building construction, November 2023. (Source: Statistics Canada, Table 34-10-0286-01 – Investment in Building Construction.)

Investment in building construction rose 1.7 per cent across Canada in November, reaching $19.8 billion, reports Statistics Canada in its latest report on residential and non-residential construction. The residential sector grew 2.2 per cent to $13.7 billion, while investment in the non-residential sector edged up 0.4 per cent to $6 billion.

The monthly increase in residential was led by more activity in new construction in Nova Scotia, which was up 10.4 per cent, Alberta, up 4.4 per cent, Ontario, up 4.1 per cent, British Columbia, which rose 2.3 per cent, and Quebec, which saw a one per cent gain. Alberta’s monthly growth set a provincial residential sector record of $2 billion.

Looking at types of dwellings, investment in detached single-family homes increased 1.2 per cent to $6.6 billion in November, the fourth consecutive monthly increase. Meanwhile, investment in multi-unit buildings, which includes apartments, semi-detached and row homes, increased 3.1 per cent to $7.2 billion.

Gains were slimmer in the non-residential sector, but growth could be found in all but the commercial segment. Institutional investment was up 3.1 per cent to $1.6 billion. Industrial grew by one per cent, to $1.3 billion. And investments in commercial investment dipped 1.2 per cent to $3.2 billion for the month.





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