May 18, 2023
Residential building construction investment declines
Investment in building construction declined 1.3% to $20.3 billion in March. The residential sector fell 2.1%, while the non-residential sector went up by 0.9%, says Statistics Canada. On a constant dollar basis (2012=100), investment in building construction decreased 1.8% to $11.5 billion in March. Investment in residential building construction decreased 2.1% to $14.6 billion. Investment in single family homes was down 1.8% to $7.9 billion, with seven provinces posting declines. On the other hand, Nova Scotia (14.1%; $40.4 million) continued to post significant gains in single family investment after a strong February. Multi-unit construction also fell, down 2.4% to $6.7 billion in March. Ontario (4.7%; $135.6 million) played the largest role in the decline, more than offsetting notable gains in Quebec (4.8%; $58.9 million). Investment in non-residential construction continued to climb, up 0.9% to $5.7 billion in March. Industrial construction investment led the increase, up for the 16th consecutive month at 3.4% to $1.2 billion. Commercial construction investment was relatively stable for March, edging up 0.1% to $3.1 billion.
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