Statistics Canada (StatCan) reported today (12-14-22) that nationally investment in building construction in October increased 0.2% to $20.9 billion (CAD). On a constant dollar basis (2012=100), investment in building construction increased 0.3% to $12.3 billion.
Residential Investment:
Investment in residential building construction in October was down by 0.1% to $15.4 billion. Single family home investment declined 2.3% to $8.2 billion in October, with nine provinces reporting declines. The October decline is the largest monthly decrease for single family construction since July 2021. On a constant dollar basis, this was the 8th consecutive monthly decrease after its historic peak in February 2022.
Led by activity in Ontario, multi-unit construction investment increased 2.5% to $7.2 billion.
Non-Residential Investment:
Investment in non-residential construction was up 0.9% to $5.5 billion in October. Industrial construction investment increased 1.3% to $1.1 billion in October and was up 24.4% year-over-year. This marks the 11th consecutive monthly gain in the component.
Commercial construction investment increased 1.3% in October to $3.1 billion, with 7 provinces reporting gains and 3 reporting declines. Institutional construction investment inched 0.3% lower to $1.4 billion in October.