Investment in Canadian Building Construction Increases 2.7% Month-Over-Month in October

Statistics Canada (StatCan) reported on Monday (12-18-23) that investment in Canadian building construction increased 2.7% to $19.4 billion (CAD) in October. On a constant dollar basis (2012=100), investment increased 2.4% to $11.0 billion.

Investment in residential building construction rose 3.9% month-over-month to $13.4 billion. Eight out of ten provinces reported increases. Investment in single-family detached homes increased 3.1% to $6.5 billion. Investments in multi-units (apartments, semi-detached, and row homes) increased 4.6% to $6.9 billion on strong growth across eight out of ten provinces.

Investment in the non-residential sector was essentially flat month-over-month, holding steady at $6.0 billion in October. The industrial sector posted a 1.0% gain to $1.2 billion, and the institutional investment was up 0.7% to $1.6 billion. Those increases were offset by a decline in commercial investment—down 0.7% to $3.2 billion.