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July 2023 - construction investment
September 18, 2023

Building construction investment in Canada declines in July

Statistics Canada reports that the investment in building construction experienced a 2.6% decline, amounting to $17.5 billion in July. Notably, the residential sector saw a more substantial decrease of 4.1%, reaching $11.5 billion, while the non-residential sector showed a slight increase of 0.5%, totaling $5.9 billion.

When considering inflation on a constant dollar basis (2012=100), the investment in building construction decreased by 2.5%, falling to $10.0 billion.

Delving deeper into residential building construction, July witnessed a 4.1% drop in investments, with declines observed across eight provinces. Of particular note, investment in single-family home construction declined by 5.5% to $5.8 billion, marking the lowest level since August 2020, with Ontario being the primary contributor to this decline.

Multi-unit construction investments also faced a downturn, with a 2.8% decrease to $5.7 billion in July 2023, marking the ninth consecutive monthly decrease in this category.

However, there was a glimmer of positivity in non-residential construction, which saw a modest uptick of 0.5%, reaching $5.9 billion in July. This increase was primarily driven by notable gains in British Columbia, Alberta, and Saskatchewan, offsetting declines in six other provinces.

Additionally, after experiencing two consecutive monthly decreases, investment in the industrial construction component increased by 0.6% to $1.2 billion. Commercial investment also inched up by 0.3% to $3.3 billion, while institutional construction investment rose by 1.2% to $1.5 billion, with a new hospital project in Dawson Creek contributing significantly to the gains, particularly in British Columbia.

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