Jul. 15, 2022
Building Construction Investment Slightly Down
Investment in building construction dipped slightly by 0.2 per cent to $20.6 billion in May, as many of Ontario’s unionized construction workers were on strike during the month, says Statistics Canada. Excluding Ontario, investment increased 1.1 per cent at the national level. Investment in the residential sector was largely unchanged at $15.4 billion. Excluding Ontario, the sector increased 1.3 per cent in May. Investment in the non-residential sector dropped 0.9 per cent to $5.2 billion. Investment in the industrial component edged down 0.2 per cent to $935 million, with the increase in Quebec (two per cent) largely offset by the declines in Ontario (-1.2 per cent). The institutional component fell 0.8 per cent to $1.4 billion, with seven provinces reporting declines. Despite gains in eight provinces, the commercial component decreased 1.2 per cent to $2.9 billion based on the strike in Ontario. This was the first decline in 13 months.