Investment in Canadian building construction down 2 percent in August

Wednesday, 13 October 2021 20:05:07 (GMT+3)   |   San Diego

According to Statistics Canada, investment in building construction decreased 2.0 percent to $17.7 billion in August, a fourth consecutive monthly decline. Residential construction was down 2.9 percent for the month, while investment in non-residential construction edged up 0.6 percent.

Residential construction investment decreased 2.9 percent in August, with declines posted in every province except for a slight increase in Nova Scotia.

Investment in single family homes was down 2.6 percent to $7.0 billion, with Quebec, Ontario and British Columbia posting the largest declines. Despite a fourth consecutive monthly decrease, single unit construction was 25.6 percent higher than a year earlier.

Multi-unit construction investment declined in all provinces, down 3.3 percent nationally to $6.0 billion in August.

Non-residential construction investment rose 0.6 percent in August to $4.7 billion. Institutional investment posted a 10th consecutive monthly increase (+1.8 percent to $1.3 billion), driven by gains in Ontario (+4.3 percent) and Quebec (+2.2 percent). This was the highest level of investment in institutional construction since March 2012.

Commercial investment was mostly unchanged in August (+0.1 percent), with gains in seven provinces offsetting the declines in Ontario (-0.5 percent), British Columbia (-1.3 percent) and Nova Scotia (-2.4 percent).

Industrial construction edged up 0.2 percent for the month, led by investment in Ontario.

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