According to Statistics Canada, investment in building construction continued its upward trend since October 2021, rising 0.8 percent to $21.0 billion in July. Both the residential (+1.0 percent to $15.7 billion) and the non-residential sectors (+0.1 percent to $5.3 billion) showed increases.
Commercial investment was up 0.6 percent to $3.0 billion for the month, cooling down after posting strong gains in June. Notable growth for the component mainly came from British Columbia (+3.5 percent), stemming from multiple projects across Vancouver.
Investment in the industrial component advanced 2.2 percent to $1.0 billion in July, with gains in seven provinces. Ontario accounted for most of the gains for the component in the month, continuing its considerable growth since December 2021.
Institutional construction investment declined 2.3 percent to $1.4 billion in July, the largest decline for the component since April 2020.
Investment in residential building construction advanced 1.0 percent to $15.7 billion in July. Single-family home investment edged up 0.3 percent to $8.6 billion and has remained relatively stable over the five months ending in July. Multi-unit construction investment increased 1.8 percent to $7.1 billion for the month, with apartment projects in Ontario and British Columbia contributing significantly to the gains.