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Commercial sector sees 7th consecutive monthly decline in construction investment

March 18, 2024 | By Anthony Capkun

March 18, 2024 – Investment in building construction declined 0.9% to $19.7 billion in January 2024, reports Statistics Canada.

The residential sector declined 1.4% to $13.6 billion. However, investment in the non-residential sector edged up 0.2% to $6.1 billion.

Investment in residential building construction declined by $194 million (-1.4%), led by a $228-million decline in Ontario (-4.1% to $5.4 billion), the largest contributor to the net monthly change.


This decline was partially offset by increases in five provinces, led by Quebec (+$53 million to $2.5 billion).

Nationally, investment in detached single-family homes increased 2.1% to $6.7 billion in January, with eight provinces reporting gains for this component.

Multi-unit family investment declined 4.5% to $6.9 billion in January, driven by declines in Ontario as the pace of new construction starts in the province slowed in January 2024 compared with earlier in 2023.

Investment in the non-residential sector edged up in January (+0.2%), increasing for the third consecutive month to reach a record high of $6.1 billion.

Gains in institutional (+$32.3 million to $1.7 billion) and industrial (+$7.3 million to $1.3 billion) investments were largely offset by declines in commercial investment (-$26.2 million to $3.1 billion).

The decline in commercial investment for January represents the seventh consecutive monthly decline, with seven provinces contributing to the negative movement.

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