July Building Construction Investments Down

Investment in building construction was down 1.7 per cent to $18.1 billion in July, says Statistics Canada. Residential construction investment was down 2.6 per cent, the third consecutive monthly decline after a sustained period of strong growth from May 2020 to April 2021. Declines in all provinces brought investment in single-family homes down four per cent to $7.2 billion; Ontario posted the largest decrease, followed by Quebec, Saskatchewan, and Alberta. Additionally, multi-unit construction investment was down one per cent to $6.2 billion in July, reflecting decreases in seven provinces with Ontario reporting the largest decline, followed by British Columbia and Manitoba. Non-residential construction investment was up 0.9 per cent for the month to $4.6 billion. Institutional investment posted its ninth consecutive increase (up 2.2 per cent to $1.3 billion), with most provinces and territories reporting gains in July. As well, commercial investment went up 0.6 per cent to $2.5 billion and industrial investment was the single component to post a decline in July, edging down 0.2 per cent.