Building construction investment drops in July
Statistics Canada reports that investment in building construction dropped by 1.7% in July to $20.9 billion. The change follows increases of 0.7% in May and 2.7% in June.
Both components reported drops in the month.
Investment in residential building construction was down 2.2% (-$330 million) to $14.6 billion.
Overall, single-family home investment decreased 2.2% (-$148.9 million) to $6.7 billion in July with 11 provinces and territories posting declines. Only Saskatchewan and Nunavut recorded increases.
Investment in multi-unit construction decreased 2.2% (-$181.1 million) to $7.9 billion in July. The decline was largely driven by Quebec (-$184.3 million) after strong growth in May (+$206.6 million) and June (+$282.6 million). Gains in Ontario (+$105.6 million) offset some of that decrease.
Investment in non-residential construction, meanwhile, edged down 0.4% to reach $6.3 billion.
The industrial component decreased 2.1% (-$28.2 million) to $1.3 billion, marking its fourth consecutive monthly decline. The decrease in July was driven by Quebec (-$13.1 million) and Ontario (-$12.0 million). Alberta (+$2.0 million) was the only province to record an increase.
Investment in the commercial component edged down 0.4% (-$11.7 million) to $3.2 billion in July. Declines were posted in five provinces and two territories, led by Quebec (-$9.6 million) and Alberta (-$4.8 million). These declines were moderated by increases in six provinces and territories, driven by British Columbia (+$6.0 million).
Only the institutional component (+0.8% to $1.8 billion) recorded an increase in July.
Year over year, overall investment in building construction is 7% ahead of where it was in July 2023.