Investment in Canadian Building Construction Declines in May

On Monday, Statistics Canada (StatCan) reported that total investment in building construction declined 0.3%, or CA$66.8 million, to $23.4 billion in May. Year-over-year, investment remained 5.9% higher.

On a constant dollar basis (2023=100), total investment fell 0.4% to $21.3 billion but was up 3.1% from a year earlier.

Residential Construction

Residential investment declined 0.5% to $16.2 billion in May. Multi-unit investment rose 0.7% to $8.8 billion, while single-family investment fell 1.9%, or $140.7 million, to $7.4 billion.

Nonresidential Construction

Nonresidential investment edged up 0.2% to $7.1 billion in May. Industrial investment increased 1.8% to $1.5 billion, while commercial investment declined 0.2% to $3.5 billion. Institutional investment slipped 0.1% to $2.2 billion.