Non-residential investment stable while residential rises in August 2023
October 20, 2023 | By Anthony Capkun
October 20, 2023 – Investment in building construction increased 1.1% to $17.9 billion in August, reports Statistics Canada. The non-residential sector remained relatively stable, up 0.1% to $5.9 billion, while the residential sector was up 1.6% to $11.9 billion.
Despite gains in industrial (+1.1%; +$13.4 billion) and institutional (+0.7%; +$10.1 million) investment, the decline in the commercial component (-0.5%; -$15.8 million) left the non-residential sector largely unchanged for the month.
Following five months of consecutive declines, however, investment in residential building construction rose 1.6% to $11.9 billion in August.
Quebec (+7.6%; +$2.1 billion) led the growth in both single-family and multi-unit investment.
Single-family home investment rose 2.4% to $5.9 billion. Overall, six provinces posted gains. Quebec (+10.6%; +$95.0 million) had its largest monthly increase in this component since March 2022.
Multi-unit construction investment was up 0.9% to $6.0 billion in August 2023. Notably, after peaking in September 2022, British Columbia (-3.2% to $1.3 billion) posted its 11th consecutive decline in this component in August 2023.
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