September 18, 2024 – Investment in building construction decreased 1.7% to $20.9 billion in July 2024, following increases in May (+0.7%) and June (+2.7%), reports Statistics Canada.

Year over year, however, investment in building construction rose 7.0% in July.

Investment in non-residential construction edged down 0.4% to $6.3 billion.

The industrial component decreased 2.1% (-$28.2 million) to $1.3 billion in July, marking its fourth consecutive monthly decline. The decrease in July was driven by Quebec (-$13.1 million) and Ontario (-$12.0 million).

Declines were also seen in seven other provinces and in all three territories. 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.

On the residential side, investment 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, with 11 provinces and territories posting declines. Saskatchewan (+$6.4 million) and Nunavut (+$1.2 million) recorded the only increases.

Investment in multi-unit construction decreased 2.2% (-$181.1 million) to $7.9 billion. 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 the decrease in Quebec.

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