Investment Up For Building Construction
Total investment in building construction increased 1.8 per cent to $15.1 billion in July, says Statistics Canada. Residential sector investment increased 4.9 per cent to $9.9 billion, while non-residential investment decreased 3.7 per cent to $5.3 billion. Construction activity has rebounded in the last few months, with investment in building construction remaining slightly lower than February levels, before COVID-19 construction restrictions were first put in place. On a constant dollar basis, investment in building construction increased two per cent to $12.4 billion. Investment in residential construction rose with increases in both single-unit (+7.5 per cent to $5.1 billion) and multi-unit (+2.4 per cent to $4.8 billion) investment. Despite another month of residential growth, national investment was 3.7 per cent lower than the pre-COVID-19 levels observed in February. Decreases in non-residential construction investment were reported in eight provinces with the largest decrease in Ontario (-3.2 per cent to $2.1 billion) The commercial component represented the majority of non-residential declines, down five per cent to $3.1 billion.