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Alberta marks record-high investment in the residential sector, November 2023

January 27, 2024 | By Anthony Capkun

January 27, 2024 – Investment in building construction rose 1.7% to $19.8 billion in November, reports Statistics Canada.

Investment in residential building construction increased 2.2% to $13.7 billion in November.

The increase in November was led by more activity in new construction in Nova Scotia (+10.4%), Alberta (+4.4%), Ontario (+4.1%), British Columbia (+2.3%), and Quebec (+1.0%).

In Alberta, the monthly growth brought total investment in the residential sector to $2.0 billion in November—a record high in the province, says Statistics Canada, since the beginning of this series in January 2010.

These residential increases were partially offset by declines in the other provinces as the pace of new construction slowed from earlier in 2023.

Investment in detached single-family homes increased 1.2% to $6.6 billion in November, the fourth consecutive monthly increase. Meantime, investment in multi-unit buildings—which includes apartments, semi-detached and row homes—increased 3.1% to $7.2 billion.

Investment in the non-residential sector edged up 0.4% to $6.0 billion in November. Gains in institutional (+3.1% to $1.6 billion) and industrial (+1.0% to $1.3 billion) investments were mostly offset by the decline in commercial investment (-1.2% to $3.2 billion) in November.

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