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Prairies dominate residential construction investment, while Newfoundland & Labrador declines – October 2023

January 3, 2024 | By Anthony Capkun

January 3, 2024 – Investment in building construction rose 2.7% to $19.4 billion in October 2023, reports Statistics Canada.

Investment in the non-residential sector was essentially flat month-over-month, remaining at $6.0 billion in October. Gains in industrial (+1.0% to $1.2 billion) and institutional (+0.7% to $1.6 billion) investments were offset by declines in commercial investment (-0.7% to $3.2 billion).

Gains in the institutional sector were led by investments in hospital facilities.

Investment in industrial facilities was led by the construction of an active cathode materials plant for the electric vehicle supply chain in Bécancour, Que.

Meantime, investment in residential building construction increased 3.9% month-over-month to $13.4 billion in October, with eight provinces reporting increases.

The Prairie provinces—Manitoba (+16.2%), Saskatchewan (+11.5%) and Alberta (+9.5%)—had the strongest gains, while Newfoundland & Labrador (-6.1%) saw the largest decline.

Investment in detached single-family homes increased 3.1% to $6.5 billion, led by a 23.3% increase in Manitoba.

Multi-unit investment (apartments, semi-detached, row homes) rose 4.6% to $6.9 billion on strong growth across all provinces, with only Newfoundland & Labrador (-8.8%) and Quebec (-1.5%) posting declines.

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