Investment in construction has increased but multifamily lags

by Steve Randall24 Sep 2019

Investment in Canadian construction was 0.5% higher in July month-over-month to $15.2 billion, new figures from Statistics Canada reveal.

Both residential and non-residential construction were higher with residential accounting for $10.4 billion, up 0.6%, while non-residential was up 0.3% to $4.8 billion.

The multifamily sector was the only component to show a decrease in investment, falling 1.6% to $5.2 billion. The largest impact on this figure was from British Columbia where multifamily construction investment was down almost $150m and in Saskatchewan with a decline of almost $44m.

Single-unit construction investment was up 2.9% to $5.2 billion with Ontario contributing the largest increase ($139.3m) followed by Nova Scotia ($32.6m).

Little change for non-res
There was little change for investment in non-residential construction in July.

The commercial (+0.3% to $2.8 billion), industrial (+0.2% to $911.1 million) and institutional components (+0.1% to $1.1 billion) were all up slightly in July.

Quebec led the gains on an unadjusted basis (3.3% to $2.8 billion) but this was driven by a $151m investment in a new government building in the newly developing eco-neighborhood of Estimauville in the city of Québec.

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