According to Statistics Canada, investment in building construction decreased 1.3 percent to $20.2 billion in December. The residential sector declined 2.1 percent to $14.6 billion, while the non-residential sector was up 0.8 percent to $5.6 billion.
Investment in residential building construction was down 2.1 percent to $14.6 billion in December. Investment in the construction of single-family homes continued to decline for the fifth consecutive month, down 0.5 percent to $7.8 billion. Alberta (-3.6 percent) played the largest role in the decline.
Investment in multi-unit construction decreased 3.9 percent to $6.8 billion. Ontario posted its largest decline (-8.1 percent) since April 2020, early in the COVID-19 pandemic.
Investment in non-residential construction was up 0.8 percent to $5.6 billion in December. Ontario (+2.7 percent) accounted for most of the growth as it led the gains in each component.
Industrial construction investment increased for the 13th consecutive month, up 2.1 percent to $1.1 billion. Ontario and Quebec, as well as the overall industry, continued to post record highs.
Commercial construction investment remained relatively stable for the month, up 0.1 percent to $3.1 billion. The growth in Ontario (+1.7 percent) offset declines in seven other provinces.
Institutional construction investment increased 1.5 percent to $1.4 billion and has remained around this value since October 2021. Notably, New Brunswick posted its 7th consecutive increase in this component in December 2022, while Newfoundland and Labrador posted its 14th consecutive drop.