Ontario Construction News staff writer
Investment in building construction fell 1.1 per cent to $22.4 billion in September, as residential activity weakened and non-residential spending held steady, Statistics Canada reports. Despite the monthly decline, overall investment was six per cent higher than a year earlier.
On a constant-dollar basis (2023=100), total investment decreased 1.4 per cent to $20.7 billion but remained 2.3 per cent above September 2023 levels.
Residential construction investment dropped $263.1 million to $15.6 billion, led by a 2.5 per cent decline in multi-unit activity. Multi-unit investment fell $218.5 million to $8.4 billion, driven by lower spending in Ontario (–$116.7 million), Alberta (–$72.0 million) and British Columbia (–$32.7 million). Seven provinces and two territories reported decreases.
Single-family construction edged down 0.6 per cent, or $44.6 million, to $7.3 billion. Alberta (–$46.2 million) and Ontario (–$42.0 million) posted the steepest declines, partly offset by increases in Quebec (+$22.5 million) and Saskatchewan (+$19.2 million).
Non-residential spending inches higher
Non-residential building investment edged up $3.3 million to $6.8 billion in September, as modest gains in the institutional and commercial sectors outweighed another pullback in industrial construction.
Institutional investment rose $15.6 million to $2.1 billion, led by Alberta (+$14.8 million) and British Columbia (+$5.9 million). A decline of $6.7 million in Ontario tempered national growth.
Commercial construction rose $4.6 million to $3.3 billion, supported by gains in British Columbia (+$6.5 million), Manitoba (+$5.0 million) and Quebec (+$4.9 million). Alberta posted a $6.3-million decline.
Industrial investment decreased $17.0 million to $1.3 billion, marking the eighth consecutive monthly decline. Ontario (–$5.8 million), Alberta (–$5.4 million) and British Columbia (–$4.0 million) led drops reported in eight provinces and one territory.
Third-quarter results
For the third quarter, investment in building construction rose 0.6 per cent to $67.7 billion, up 7.5 per cent year over year.
Residential investment increased 0.9 per cent to $47.5 billion. A five per cent rise in single-family construction offset a 2.3 per cent decline in multi-unit building.
Non-residential construction edged down 0.1 per cent to $20.3 billion in the quarter, as a 4.9 per cent drop in industrial spending outweighed gains in the institutional (+2.3 per cent) and commercial (+0.4 per cent) components.