Investments In Building Construction See Increase

Investment in building construction increased 1.6 per cent to $17.8 billion in October, following five months of declines, with Quebec (up 3.5 per cent) leading the way, says Statistics Canada. Residential construction investment rose 1.4 per cent to $12.9 billion in October, the first increase in five months with investments in single family homes up 0.6 per cent to $7 billion and notable gains in Quebec and Alberta. Additionally, non-residential construction investment was up across all components in October, with an overall increase of two per cent to $4.9 billion, the highest value since July 2020. Furthermore, commercial investment rose 2.6 per cent to $2.7 billion, with British Columbia as the only province to post a decrease (down 0.8 per cent). Investment in the institutional component rose 1.3 per cent to $1.4 billion, with Quebec (up 5.8 per cent). Largely behind the gain, and industrial construction investment increased 1.4 per cent to $839 million, mainly driven by gains in Ontario (up 1.8 per cent).