According to Statistics Canada, investment in building construction declined 1.4 percent to $20.4 billion in November, with most of the drop coming from Alberta (-5.6 percent). The residential sector decreased 2.0 percent to $14.9 billion, while the non-residential sector edged up 0.2 percent to $5.5 billion.
In November, investment in residential building construction was down 2.0 percent to $14.9 billion, the third consecutive decline in this sector. Alberta (-7.1 percent) experienced its largest drop in residential investment since the COVID-19 downturn in April 2020.
Investment in single-family homes continued to fall for the fourth consecutive month, down 3.9 percent to $7.8 billion in November, with all provinces reporting declines. This month's decline brought the single-family component back down to levels last seen in December 2021.
Multi-unit family investment remained relatively unchanged, edging up 0.1 percent to $7.1 billion, despite notable gains from Manitoba (+16.4 percent) which helped offset declines in six provinces.
Investment in non-residential construction was up 0.2 percent to $5.5 billion in November. Ontario (+1.3 percent) accounted for most of the growth as they led the gains in each component.
Industrial construction investment increased 0.9 percent to $1.1 billion and was up 25.5 percent year over year. This was the 12th consecutive monthly increase in this component.
At the subcomponent level, mining and agriculture buildings surpassed pre-pandemic levels, with substantial growth over the previous 12 months (+79.8 percent). The factories subcomponent has also seen considerable growth, with an increase of 33.8 percent on an unadjusted basis since November 2021. Conversely, the transportation subcomponent was down 6.3 percent year over year on an unadjusted basis.
Commercial construction investment edged up 0.1 percent to $3.1 billion in November 2022 and was up 13.5 percent year over year.
Institutional construction investment remained flat in the month at $1.4 billion and has stayed around this value after reaching its historic peak in April.