Investment In Residential Building Construction Declines

Investment in building construction decreased 1.3 per cent to $20.2 billion in December, says Statistics Canada. Investment in the residential sector declined 2.1 per cent to $14.6 billion while investment in non-residential construction was up 0.8 per cent to $5.6 billion. For residential, the single-family home component was down for the fifth consecutive month at 0.5 per cent to $7.8 billion and investment in the multi-unit sector fell 3.9 per cent to $6.8 billion. For the fourth quarter of 2022, the residential sector was down 3.4 per cent to $44.8 billion compared to the third quarter. Investment in the construction of single-family homes fell six per cent to $23.8 billion in the quarter, while the multi-unit component decreased 0.3 per cent to $20.9 billion.