Statistics Canada (StatCan) reported today (12-14-22) that nationally investment in building construction in October increased 0.2% to $20.9 billion (CAD). On a constant dollar basis (2012=100), investment in building construction increased 0.3% to $12.3 billion.
Investment in residential building construction in October was down by 0.1% to $15.4 billion. Single family home investment declined 2.3% to $8.2 billion in October, with nine provinces reporting declines. The October decline is the largest monthly decrease for single family construction since July 2021. On a constant dollar basis, this was the 8th consecutive monthly decrease after its historic peak in February 2022.
Led by activity in Ontario, multi-unit construction investment increased 2.5% to $7.2 billion.
Investment in non-residential construction was up 0.9% to $5.5 billion in October. Industrial construction investment increased 1.3% to $1.1 billion in October and was up 24.4% year-over-year. This marks the 11th consecutive monthly gain in the component.
Commercial construction investment increased 1.3% in October to $3.1 billion, with 7 provinces reporting gains and 3 reporting declines. Institutional construction investment inched 0.3% lower to $1.4 billion in October.
FEA compiles the Wood Markets News from various 3rd party sources to provide readers with the latest news impacting forest product markets. Opinions or views expressed in these articles do not necessarily represent those of FEA.