Investment in Building Construction in Canada Drops in June

Statistics Canada (StatsCan) reported today (8-12-21) that investment in building construction in Canada declined -4.5% to $18.4 billion (CAD) in June. Investments in both residential and non-residential construction investment were down. This follows sustained growth from November 2020 through April 2021.

On a constant dollar basis (2012=100), investment in building construction declined -5.4% to $13.1 billion in June. Following a -3.0% decrease in May, residential construction investment fell -5.8% in June to $13.8 billion. Investment in single-family homes remained well above pre-COVID-19 levels, despite falling -7.3% in June to $7.5 billion. Multi-unit construction investment was down -3.8% to $6.2 billion in June, with more than half of the provinces posting declines. After posting slight increases for the last six months, non-residential construction investment edged down -0.4% to $4.6 billion in June, reflecting declines in commercial and industrial investment. Commercial construction investment declined -1.0% to $2.5 billion. Institutional investment increased for the eighth consecutive month, up 1.3% to $1.2 billion.

For all of Q2 2021, the total investment in building construction increased 7.3% to $57.2 billion, marking the fourth consecutive quarterly increase.