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October 2022 construction investment
December 14, 2022

Investment in Canadian building construction remains steady in October

Statistics Canada reports that investment in building construction in October was largely steady, up 0.2% to $20.9 billion, with Ontario accounting for nearly all the gains. The residential sector edged down 0.1% to $15.4 billion, while the non-residential sector increased 0.9% to $5.5 billion.

Single family and multi-unit investment head in opposite directions

Investment in residential building construction was down slightly by 0.1% to $15.4 billion in October. Quebec caused most of this fall, as they continued to decline in this component after peaking in May.

Single family home investment decreased 2.3% to $8.2 billion in October, with nine provinces reporting declines. This was the largest monthly decrease for single family construction since July 2021. On a constant dollar basis, this was the eighth consecutive monthly drop after its historic peak in February 2022.

Multi-unit construction investment increased 2.5% to $7.2 billion, with Ontario (+8.6%) accounting for most of the growth. This was the province’s largest recorded monthly increase since June 2020.

Non-residential investment continues to climb

Investment in non-residential construction was up 0.9% to $5.5 billion in October, with Ontario (+1.2%) leading the gains in each component.

Industrial construction investment rose 1.3% to $1.1 billion for the month and was up 24.4% year over year. This was the 11th consecutive monthly increase in this component.

Commercial construction investment increased 1.3% to $3.1 billion in October. Overall, seven provinces reported gains and three reported declines. Kelowna and Vancouver each had a new retail project that contributed to the gains in British Columbia.

Institutional construction investment edged down 0.3% to $1.4 billion. Manitoba (-21.0%) caused most of the decline, reversing the significant gains the province saw in the last two months.

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