November 20, 2024
Statistics Canada’s latest report reveals a promising rise in building construction investment, signaling steady growth in both residential and non-residential sectors. In September, investment increased by 2.1%, reaching $21.6 billion, following a modest 0.2% gain in August. This reflects a 6.7% year-over-year increase in construction investment.
Residential construction investment surged by 2.9% (+$433.4 million) to $15.2 billion in September, driven by gains in seven provinces and three territories. Ontario led the way with an increase of $232.1 million. Single-family home investment rose 4.0% (+$271.1 million) to $7.0 billion, while multi-unit construction increased 2.0% (+$162.4 million) to $8.2 billion.
Non-residential construction edged up 0.3% (+$19.0 million) to $6.4 billion in September. Growth was led by the industrial component, which increased by 1.3% (+$18.3 million), and the commercial sector, which grew by 0.4% (+$12.5 million). However, institutional construction investment decreased slightly by 0.6% (-$11.8 million) after reaching a record high in August.
For Q3 2023, building construction investment totaled $63.8 billion, up 1.7% from the previous quarter and 7.5% year-over-year. Residential investment continued its upward trend, rising 2.2% to $44.7 billion. Notably, multi-unit construction climbed by 4.5% to $24.3 billion, while single-family homes dipped slightly by 0.4% to $20.4 billion. Non-residential investment edged up 0.6% to $19.1 billion, with commercial and institutional gains partially offset by a slight decline in industrial investments.
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