According to Statistics Canada, investment in Canadian building construction declined 1.2 percent to $19.9 billion in May. The residential sector decreased 1.7 percent to $14.0 billion, while the non-residential sector was stable (0.0 percent) at $5.9 billion.
Investment in residential building construction decreased 1.7 percent month over month to $14.0 billion in May. The decline in May brought Alberta down to its lowest level since December 2020. This was also the province's ninth consecutive monthly decrease.
At a national level, single family home investment fell 2.9 percent to $7.4 billion in May 2023. Overall, seven provinces posted declines.
Multi-unit construction was down 0.3 percent to $6.7 billion, with Quebec (-5.0 percent; -$60.1 million) behind much of the fall as it continued to decline since its peak in May 2022.
Investment in non-residential construction was largely unchanged at $5.9 billion in May, following consistent and robust growth since June 2022.
Investment in industrial construction was down 0.4 percent to $1.2 billion in May 2023, mostly due to Quebec (-3.2 percent; -$11.9 million), which saw an interruption to 20 consecutive months of growth in that province.
At a national level, commercial construction investment edged down 0.2 percent to $3.2 billion in May.
The institutional component was up 0.6 percent to $1.4 billion, with Ontario (+2.9 percent; +$15.4 million) leading the gains.