Investment in Canadian building construction up 0.4 percent in August

Monday, 17 October 2022 21:57:13 (GMT+3)   |   San Diego
       

According to Statistics Canada, investment in building construction increased 0.4 percent to $21.1 billion in August, with most of the gains coming from British Columbia. The residential sector rose 0.5 percent to $15.7 billion, while the non-residential sector declined 0.2 percent to $5.3 billion.

Single-family home investment rose 0.6 percent to $8.6 billion and has remained relatively stable over the last six months.

Multi-unit construction investment for the month increased 0.5 percent to $7.2 billion, with significant gains from British Columbia (+10.6 percent). Multiple new apartment projects spanning across Vancouver helped contribute to the growth.

Investment in the industrial component rose 0.9 percent to $1.0 billion in August, a ninth consecutive monthly increase. Overall, seven provinces reported gains, led by Quebec.

Commercial investment edged up 0.1 percent to $3.0 billion. Alberta led the gains, as it continued to show significant growth over the last 12 months, up 20.2 percent year over year in August.

Institutional construction investment declined 1.4 percent to $1.3 billion. Most of the weakness came from Ontario as investment decreased for the second consecutive month in this component. Conversely, Prince Edward Island saw an 88.8 percent increase for institutional buildings with the construction of a new elementary school in Charlottetown contributing to most of the gains.


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