Investment in building construction rises
By Adam Freill
Commercial Construction Industrial Institutional ResidentialStrength in residential components offset dip in commercial investment in October; non-residential investment flat at $6 billion.
Investment in non-residential building construction, October 2023. (Source: Statistics Canada, Table 34-10-0175-01–Investment in Building Construction.)
Four per cent growth in the residential sector drove investment in building construction up by 2.7 per cent, to $19.4 billion, in October while the non-residential sector remained essentially flat at $6 billion.
Eight provinces reported residential building construction increases as detached single-family homes increased 3.1 per cent to $6.5 billion and multi-unit investment in apartments, semi-detached and row homes rose 4.6 per cent to $6.9 billion on strong growth across all provinces.
Looking across all components, investment in the non-residential sector was essentially flat month over month, although some segments fared better than others. A one per cent gain in industrial, to $1.2 billion, and a 0.7 per cent increase in institutional, to $1.6 billion, were offset by declines in commercial investment, which fell 0.7 per cent to $3.2 billion.
Gains in the institutional sector were led by investments in hospital facilities, while the industrial segment was led by the construction of an active cathode materials plant for the electric vehicle supply chain in Bécancour, Que.
