Building construction investment stepped down in November, contracting by 0.5% compared to October.

The decline was the second in a row, and brought overall investment to $21.4 billion. That figure is 2.7% higher than the total reported for the first 11 months of 2023.

Investment in residential building construction declined 1.1% (-$168.1 million) to $14.8 billion in November, with decreases occurring in four provinces and three territories, led by Ontario (-$227.8 million). Quebec (+$84.1 million) led the gains recorded in the remaining provinces in November.

Investment in multi-unit dwelling construction was down 4.8% (-$374.4 million) to $7.5 billion in November – again largely attributable to a significant loss in Ontario (-$317.9 million). Declines were also recorded in five other provinces and two territories.

Single-family home construction investment rose 2.9% (+$206.4 million) to $7.3 billion in November. Monthly increases were observed in eight provinces, with Ontario (+$90.0 million) leading the national gains.

Meanwhile, investment in non-residential building construction increased 1.1% (+$71.5 million) to a record-high $6.6 billion in November. This marked the fourth consecutive monthly increase.

The industrial component increased 2.2% (+$30.7 million) to $1.4 billion in November.

Commercial construction investment edged up 0.4% (+$12.8 million) to $3.3 billion in November. A gain in Ontario (+$25.0 million) offset decreases in Alberta (-$4.4 million) and British Columbia (-$9.5 million).

Finally, institutional construction investment rose 1.5% (+$27.9 million) to $1.9 billion, with six provinces and the three territories recording increases.