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Aug 15, 2022

Construction Investment Up In June

Investment in building construction edged up 0.3 per cent to $20.8 billion in June, says Statistics Canada. Gains in the non-residential sector (2.4 per cent) helped keep overall investment up. The majority of strength for the month came from Ontario, reporting gains in all building components following a weak May resulting from a construction workers strike in the province. However, despite six provinces reporting growth, residential construction investment declined 0.4 per cent to $15.5 billion in June, with Quebec (down 6.7 per cent) causing most of the fall. This was the first decline in nine months for residential investment. Investment in single-family homes continued to show strength, having outpaced multi-unit construction since the COVID-19 pandemic downturn. It increased 0.7 per cent to $8.6 billion in June, with gains in six provinces. Non-residential construction investment increased 2.4 per cent to $5.3 billion in June. Commercial investment advanced 2.7 per cent to $3 billion, led by Ontario (4.1 per cent). After falling for the first time in 13 months in May, as a result of Ontario construction workers strike, the commercial component made up for the temporary decline and continued its upward trend. Institutional construction investment rose 0.7 per cent to $1.4 billion with six provinces reporting gains, led by Ontario (3.8 per cent).

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