Ontario Construction News staff writer
Investment in building construction fell 0.5 per cent to $22.3 billion in October compared to the previous month led by a 0.8 per cent decline in the residential sector, Statistics Canada said this week.
Total year-over-year investment grew 5.7 per cent as the non-residential sector increased 0.2 per cent.
On a constant dollar basis (2023=100), the total value of investment in building construction in October edged down 0.6 per cent from September to $20.6 billion but was up 2.3 per cent year over year.
Residential building construction spending fell $125.8 million to $15.5 billion with declines in the single-family component moderated by a slight increase in the multi-unit component, the federal agency said.
Investment in single-family home construction decreased $180.1 million to $7 billion, led by Ontario and Alberta.
Investment in the multi-unit construction sector rose $54.4 million to $8.5 billion on increases in Quebec and the Northwest Territories.
The value of non-residential investment was up $15.5 million to $6.8 billion as spending in the commercial and institutional components each edged up. The industrial component was down slightly.
Investment in the commercial component grew $10.0 million to $3.4 billion. Institutional investment rose $6.8 million to $2.1 billion with gains in British Columbia and Alberta tempered by a decline in Ontario.
Investment in the industrial component was down $1.3 million to $1.3 billion, continuing the component’s downward trend since a record high posted in January. The decline was led by Alberta, Ontario and B.C., partially offset by growth in Manitoba and Quebec.
