Investment in non-residential building construction “stable” – May 2023
July 19, 2023 By Anthony Capkun
July 19, 2023 – Investment in building construction declined 1.2% to $19.9 billion in May, reports Statistics Canada. The non-residential sector was stable (0.0%) at $5.9 billion, while the residential sector decreased 1.7% to $14.0 billion.
Investment in non-residential construction was largely unchanged at $5.9 billion in May, following consistent and robust growth since June 2022.
Investment in industrial construction was down 0.4% to $1.2 billion in May, mostly due to Quebec (-3.2%, -$11.9 million), which saw an interruption to 20 consecutive months of growth.
At the national level, commercial construction investment edged down 0.2% to $3.2 billion.
The institutional component was up 0.6% to $1.4 billion, with Ontario (+2.9%, +$15.4 million) leading the gains.
Investment in residential building construction decreased 1.7% month-over-month to $14.0 billion. The decline in May brought Alberta down to its lowest level since December 2020. This was also the province’s ninth consecutive monthly decrease.
At the national level, single-family home investment fell 2.9% to $7.4 billion. Overall, seven provinces posted declines.
Multi-unit construction was down 0.3% to $6.7 billion, with Quebec (-5.0%, -$60.1 million) behind much of the fall, as it continued to decline since peaking in May 2022.
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