According to Statistics Canada, investment in building construction edged up 0.3 percent to $20.8 billion in June. Gains in the non-residential sector (+2.4 percent) helped keep overall investment up. The majority of strength for the month came from Ontario, reporting gains in all building components following a weak May resulting from a construction workers strike in the province.
Despite six provinces reporting growth, residential construction investment declined 0.4 percent to 15.5 billion in June, with Quebec (-6.7 percent) causing most of the fall. This was the first decline in nine months for residential investment.
Multi-unit construction investment fell 1.6 percent to $6.9 billion in June. Despite this decrease, investment in multi-unit construction has shown an overall upward trend since October 2021.
Investment in single-family homes continued to show strength, having outpaced multi-unit construction since the COVID-19 pandemic downturn. It increased 0.7 percent to $8.6 billion in June, with gains in six provinces.
Commercial investment advanced 2.7 percent to $3.0 billion, led by Ontario (+4.1 percent). After falling for the first time in 13 months in May, as a result of Ontario construction workers strike, the commercial component made up for the temporary decline and continued its upward trend.
Institutional construction investment rose 0.7 percent to $1.4 billion with six provinces reporting gains, led by Ontario (+3.8 percent).
Investment in the industrial component increased 3.7 percent to $974 million, the highest monthly value increase since May 2020, just after pandemic-related shutdowns.