Non-residential investment in building construction, seasonally adjusted, in millions of dollars. (Source: Statistics Canada, Table 34-10-0175-01—Investment in Building Construction.)
The total value of investment in building construction edged up 0.1 per cent to $22.8 billion in August, reports Statistics Canada. While the rise was slim, with the non-residential sector up $22.9 million and the residential sector ahead by $10.5 million over July, year-over-year investment in building construction grew by 8.7 per cent in August.
The value of non-residential investment in building construction reached $6.8 billion in August as the commercial and institutional sectors each grew 0.8 per cent, offsetting a drop of 1.4 per cent in the industrial component. The commercial component rose $25.3 million to $3.3 billion in August on growth primarily driven by gains in Ontario; the institutional component gained $16.7 million to reach $2.1 billion with Alberta leading the way; and the industrial component declined $19 million to $1.3 billion as six provinces and two territories contributed to the decrease.
On the residential side, investment came in at $16 billion in August on growth that was primarily driven by the single-family component. Investment in single-family home construction rose $202.1 million to $7.4 billion as seven provinces and two territories posted gains.
Meanwhile, the multi-unit construction component decreased $191.6 million to $8.7 billion. This decline was mainly driven by a drop of more than $100 million in Ontario and decreases in excess of $50 million in Alberta and Quebec. Overall, five provinces and two territories contributed to the decrease in this component.
