Investment in Building Construction Drops

Investment in building construction decreased two per cent to $17.7 billion in August, the fourth consecutive monthly decline, says Statistics Canada. Furthermore, residential construction investment decreased 2.9 per cent in August, with declines posted in every province except for a slight increase in Nova Scotia. Investment in single family homes was down 2.6 per cent to $7 billion, with Quebec, Ontario, and British Columbia posting the largest declines. Despite a fourth consecutive monthly decrease, single unit construction was 25.6 per cent higher than a year earlier. However, multi-unit construction investment declined in all provinces, down 3.3 per cent nationally to $6 billion in August. Additionally, non-residential construction investment rose 0.6 per cent in August to $4.7 billion and posted its 10th consecutive monthly increase (up 1.8 per cent), driven by gains in Ontario (up 4.3 per cent) and Quebec (up 2.2 per cent). Commercial investment didn’t have much of a change (up 0.1 per cent) and industrial construction went up 0.2 per cent for the month, led by investment in Ontario.