Investment in Canadian building construction down 1.7 percent in July

Monday, 13 September 2021 19:47:13 (GMT+3)   |   San Diego

According to Statistics Canada, investment in Canadian building construction was down 1.7 percent to $18.1 billion in July. Residential construction declined for a third consecutive month following a record peak in April, while non-residential construction was up slightly.

Residential construction investment was down 2.6 percent in July, a third consecutive monthly decline after a sustained period of strong growth from May 2020 to April 2021.

Declines in all provinces brought investment in single-family homes down 4.0 percent to $7.2 billion. Ontario posted the largest decrease after reaching a record high in April 2021, followed by Quebec, Saskatchewan and Alberta.

Multi-unit construction investment was down 1.0 percent to $6.2 billion in July, reflecting decreases in seven provinces. Ontario reported the largest decline, followed by British Columbia and Manitoba.

Institutional investment posted its ninth consecutive increase (+2.2 percent to $1.3 billion), with the majority of provinces and territories reporting gains in July. Construction of a York University building in Ontario as well as ongoing construction of secondary schools in Quebec and British Columbia contributed to the national growth.

Commercial investment was up 0.6 percent to $2.5 billion in July. Alberta posted the highest increase (+6.0 percent) due to higher spending on office buildings and buildings for trade and services.

Industrial investment was the single component to post a decline in July, edging down 0.2 percent. Quebec decreased for a second month, while Alberta and Prince Edward Island also had notable declines.

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