Investment in building construction edged up slightly in May, reaching $20.8 billion for the month.

The increase marked a gain of 0.8% from April, which followed a drop of 2.0% from March.

Both the residential and non-residential sectors recorded gains.

Investment in residential building construction rose 0.9% to $14.4 billion in May.

Monthly increases were observed in five provinces and territories, led by Quebec (+$178.3 million to $2.9 billion) and Alberta (+$26.3 million to $1.8 billion). These gains were partially offset by losses in Ontario (-$30.2 million to $5.6 billion), British Columbia (-$22.6 million to $2.5 billion) and the remaining six provinces and territories.

Overall, investment in single-family homes fell 1.3% to $6.8 billion in May, the second monthly decline in a row. Declines were recorded in 9 out of 13 provinces and territories in May, led by British Columbia (-$67.4 million to $833.2 million). Multi-unit construction investment grew 2.9% (+$215.4 million to $7.6 billion) in May, driven by Quebec (+$189.4 million to $1.6 billion).

Investment in non-residential construction rose slightly in May, increasing 0.6% to $6.4 billion. Growth in both the commercial (+$28.9 million to $3.2 billion) and institutional (+$17.3 million to $1.8 billion) components was tempered by investment declines in the industrial component (-$6.2 million to $1.4 billion).

Of note, the institutional component marked its 11th straight monthly gain, while commercial construction investment recorded its first increase since October 2023.

British Columbia led the monthly growth in both the commercial (+$29.6 million to $565.8 million) and institutional (+$13.0 million to $326.5 million) components in May 2024.