Overall building construction investment recorded a gain of just under 3% in October, with an increase in the residential sector propelling the advance.

Statistics Canada reports that investment rose by 2.7% overall, reaching $19.4 billion for the month.

Investment in residential building construction increased 3.9% to reach $13.4 billion. Eight provinces reported increases, with Manitoba (+16.2%), Saskatchewan (+11.5%) and Alberta (+9.5%) reporting the largest gains, while Newfoundland and Labrador (-6.1%) saw the largest decline.

Investment in detached single-family homes increased 3.1% to $6.5 billion, led by a 23.3% increase in Manitoba, while investment in multi-family units rose by 4.6% to $6.9 billion with strong growth across all provinces.

Investment in the non-residential sector was essentially flat month over month, remaining at $6.0 billion in October. Gains in industrial (+1.0% to $1.2 billion) and institutional (+0.7% to $1.6 billion) investments were offset by declines in commercial investment (-0.7% to $3.2 billion).

Gains in the institutional sector were led by investments in hospital facilities. Investment in industrial facilities was led by the construction of an active cathode materials plant for the electric vehicle supply chain in Bécancour, Quebec.