Building investment dips in November with declines in majority of provinces
By On-Site StaffConstruction Financing
OTTAWA—Investment in building construction dipped in November, with both residential and non-residential sector taking a more than two per cent hit to $11.6 billion.
In the non-residential sector, investment decreased 1.6 per cent to $4.3 billion, largely due to declines in the vast majority of provinces except Newfoundland and Labrador (up 6.0 per cent to $51 million) and British Columbia (up 0.3% to $571 million).
Investment in each of the three non-residential sectors fell, with the institutional sector posting the largest decline, totaling $1 billion.
New construction accounted for the most significant investment in non-residential building, followed by renovations and “other types of work,” mainly deconversions.
Though investment in new construction has declined as whole in the sector since January 2015, renovations have continued to increase to offset this decline.