Investment in Canadian building construction down 0.6 percent in September

Monday, 14 November 2022 22:29:56 (GMT+3)   |   San Diego
       

According to Statistics Canada, investment in building construction declined 0.6 to $20.9 billion in September, with most of the weakness coming from Quebec (-3.4 percent). The residential sector decreased 1.3 percent to $15.4 billion. Conversely, the non-residential sector rose 1.6 percent to $5.4 billion.

Investment in the residential building construction decreased 1.3 percent to $15.4 billion in September. Residential construction investment has seen little growth since February, with both single-family and multi-family construction remaining relatively stable since February.

Single-family home investment declined 1.3 percent to $8.5 billion in September and has stayed around this value since May.

Investment in multi-unit construction was down 1.4 percent to $7.0 billion. Quebec (-5.6 percent) caused most of the fall, with its fourth consecutive decline in this component following the peak in May.

Investment in non-residential construction increased 1.6 percent to $5.4 billion in September. Overall, eight provinces reported gains, with Ontario (+2.0 percent) leading the way in each component.

Industrial construction investment advanced 2.9 percent for the month and is up 24.0 percent year over year. This was the 10th consecutive monthly increase in this component.

Commercial construction investment rose 1.1 percent to $3.0 billion in September. Overall, eight provinces posted gains, and two reported declines.

Institutional construction investment was up 1.6 percent to $1.4 billion. Ontario (+2.5 percent) led the way, with the construction of a new elementary school in Hamilton and a post-secondary school in Toronto contributing to the gains.


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