Investment in Building Construction in Canada Increases in September

Statistics Canada (StatCan) reported on Monday (11-20-23) that investment in building construction increased 5.3% to $18.9 billion (CAD) in September. On a constant dollar basis (2012=100), investment in building construction increased 4.9% to $10.8 billion.

In September, investment in residential building construction was up 7.3% to $12.9 billion. Single-family home investment increased 6.4% to $6.3 billion, following seven consecutive monthly declines. Multi-unit construction rose 8.2% to $6.6 billion, with all provinces reporting gains.

Investment in nonresidential construction increased 1.2% to $6.0 billion in September. Industrial construction investment increased 1.2% to $1.2 billion. Year-over-year, industrial investment was up 16.2%. Institutional construction investment posted a 4.3% increase to $1.5 billion, while commercial construction investment dropped 0.2% to $3.2 billion.

Q3 Overview:

Across Canada, investment in building construction fell 2.8% to $54.7 billion in Q3, the fourth consecutive quarterly decline.

Investment in residential building construction posted a 4.4% decline from Q2 to $36.7 billion, driven by declines in single-family home investment. Multi-unit construction inched 0.1% higher to $18.7 billion.

Investment in non-residential building construction was 0.5% higher to $17.9 billion in Q3, marking its eleventh consecutive quarterly increase. Investment in institutional construction accounted for much of the growth, rising 2.4% to $4.5 billion. Industrial construction investment edged up 0.2% to $3.7 billion, while commercial investment decreased 0.3% to $9.8 billion.