Building Construction Investment Decline Continues

Investment in building construction declined 0.6 per cent to $20.9 billion in September, with most of the weakness coming from Quebec (-3.4 per cent), says Statistics Canada. The residential sector decreased 1.3 per cent to $15.4 billion. Conversely, the non-residential sector rose 1.6 per cent to $5.4 billion. On a constant dollar basis (2012=100), investment in building construction continued its downward trend since the last peak recorded in February 2022, decreasing 1.5 per cent to $12.3 billion. Investment in the residential building construction decreased 1.3 per cent to $15.4 billion in September. Residential construction investment has seen little growth since February, with both single-family and multi-family construction remaining relatively stable since February. Investment in non-residential construction increased 1.6 per cent to $5.4 billion in September. Overall, eight provinces reported gains, with Ontario (+2 per cent) leading the way in each component.