Canadian Investment in Building Construction Data for December, 2023Q4, and 2023

On Thursday, Statistics Canada (StatCan) reported that investment in building construction in Canada inched 0.3% higher month-over-month in December to $19.8 billion (CAD). On a constant dollar basis (2017=100), investment in building construction was unchanged at $12.2 billion.

Investment in residential building construction increased 0.3% in December to $13.8 billion. Gains in Quebec, British Columbia, and Prince Edward Island were offset partially by declines in the remaining six provinces, where new construction slowed from earlier in the year. Investment in detached single-family homes declined 1.0% to $6.5 billion, while investment in multi-unit buildings—which includes apartments, semi-detached, and row homes—increased 1.6% to $7.3 billion.

Investment in the nonresidential sector rose 0.3% to $6.1 billion in December. Increases were recorded in nine provinces, with only Newfoundland and Labrador reporting a decline. Increases in the institutional component of 3.4% to $1.7 billion and industrial component of 0.4% to $1.3 billion were mostly offset by a decline in commercial investment of 1.3% to $3.1 billion.

2023Q4 Summary

In Q4, investment in building construction grew 7.8% to $59.0 billion. This quarterly increase was led by growth in the residential sector—up 11.1% to $40.9 billion—which was responsible for over 95% of the total increase in investment for the quarter.

In Q4, investment in the nonresidential sector grew 1.1% to $18.1 billion. This marks a new high for the series and the 12th consecutive quarterly gain for the sector.

2023 Summary

Year over year, investment in building construction declined 6.6% to $229.1 billion in 2023. On a constant dollar basis (2017=100), the total value of investment in building construction fell 11.6% to $143.9 billion.

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