According to Statistics Canada, investment in building construction edged down 0.2 percent to $20.6 billion in May, as many of Ontario's unionized construction workers were on strike during the month. These strikes caused significant delays in numerous residential and non-residential construction projects throughout the province. Excluding Ontario, investment increased 1.1 percent at the national level.
At a sector level, non-residential investment fell 0.9 percent in May, while the residential sector edged up 0.1 percent.
In May, investment in the residential sector was largely unchanged at $15.4 billion, following robust growth that started in September 2021. Excluding Ontario, the residential sector continued its upward trend, increasing 1.3 percent in May.
Multi-unit construction continued to climb, increasing 3.4 percent to $7.0 billion, with six provinces posting gains, led by Quebec (+10.0 percent).
Investment in single family homes declined 2.5 percent, ending its seven-month growth streak. Overall, six provinces reported growth in May, which was offset by declines in four provinces, with Ontario and Quebec causing most of the fall.
Investment in the non-residential sector contracted 0.9 percent to $5.2 billion in May, with the construction worker strike in Ontario offsetting the gains of eight provinces and driving all three components downwards.
Investment in the industrial component edged down 0.2 percent to $935 million, with the increase in Quebec (+2.0 percent) largely offset by the declines in Ontario (-1.2 percent).
The institutional component fell 0.8 percent to $1.4 billion, with seven provinces reporting declines.
Despite gains in eight provinces, the commercial component decreased 1.2 percent to $2.9 billion based on the strike in Ontario. This was the first decline in 13 months.