November Building Construction Investment Declines

Total investment in building construction declined for a third consecutive month, edging down 0.1 per cent to $15.3 billion in November, says Statistics Canada. Slight decreases in both residential and non-residential construction led to minimal change overall. Non-residential investment was mostly unchanged in November, remaining at $4.4 billion. Slight declines in six provinces were offset by small gains in Ontario (0.4 per cent to $1.8 billion) and British Columbia (one per cent to $665 million). As lockdowns and working from home continued across many parts of the country, reduced investment in office buildings, hotels, and restaurants led to an overall reduction in commercial building investment (-0.5 per cent). Commercial building investment was the lone component of non-residential construction to decline in November and remained below pre-COVID-19 levels (down 13.5 per cent compared with March 2020).