Investment in Canadian Building Construction Expands in June

On Tuesday, Statistics Canada (StatCan) reported that investment in building construction increased CA$454.4 million to $22.7 billion in June. On a constant dollar basis (2023=100), the value of investment rose 1.6% and was up 4.2% year-over-year.

Residential Investment

Residential building investment increased 3.1% to $15.9 billion in June, driven by gains in multi-unit (4.2%) and single-family (1.8%) segments.

Multi-unit construction investment rose $362.3 million to $9.1 billion, led by Quebec ($125.2 million) and British Columbia ($72.7 million).

Single-family investment rose $123.0 million to $6.9 billion, with the largest increases in Quebec ($68.4 million) and Ontario ($36.3 million). In total, seven provinces and two territories contributed to the gains in this category.

Nonresidential Investment

Nonresidential building investment edged down $30.8 million to $6.7 billion, with all three components declining.

The industrial component fell $27.3 million to $1.4 billion, marking the fifth consecutive monthly decrease. Losses were led by Quebec (-$13.5 million).

The institutional component dipped $1.8 million to $2.0 billion, with declines in six provinces and three territories.

The commercial component slipped $1.7 million to $3.3 billion. Ontario (-$9.7 million) and British Columbia (-$3.2 million) led the declines, partially offset by an increase in Quebec ($10.9 million).