Investment in building construction down in Canada

The overall investment in building construction declined 1.4 per cent to $20.4 billion in November 2022, according to Statistics Canada. Additional losses were also seen in the residential sector, down 2.0 per cent to $14.9 billion, the third consecutive decline in the sector. Alberta saw the most significant drop, down 7.1 per cent.

Declines were also seen in single-family homes investment construction, which marked the fourth consecutive month. Down 3.9 per cent to $7.8 billion in November, all provinces reported declines in this sector.

Multi-unit family investment remained relatively unchanged, edging up 0.1 per cent to $7.1 billion, despite notable gains from Manitoba (up 16.4 per cent), which helped offset declines in six provinces.

Despite declines in the residential sector, investment in non-residential construction was up 0.2 per cent to $5.5 billion in November. Ontario was responsible for most of the growth, up 1.3 per cent.

For the 12th consecutive month, increases were seen in industrial construction investment, which increased 0.9 per cent to $1.1 billion. Increases were also seen in commercial construction investment, up 0.1 per cent to $3.1 billion in November.