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Sept 18, 2023

Residential sector leads July building construction decrease

Investment in building construction declined 2.6% to $17.5 billion in July, says Statistics Canada. The residential sector decreased 4.1% to $11.5 billion, while the non-residential sector was up 0.5% to $5.9 billion. On a constant dollar basis, investment in building construction decreased by 2.5% to $10 billion.  

Investment in residential building construction, which fell 4.1% to $11.5 billion in July, saw declines in eight provinces. Single-family home construction investment declined 5.5% to $5.8 billion, the lowest level since August 2020, with Ontario accounting for most of the fall. Multi-unit construction investment was down 2.8% to $5.7 billion in July 2023, the ninth consecutive monthly decrease. 

Investment in non-residential construction was up slightly, increasing 0.5% to $5.9 billion in July. Notable gains in British Columbia, Alberta, and Saskatchewan offset declines in six provinces. 

After two consecutive monthly decreases, investment in the industrial component increased 0.6% to $1.2 billion, while commercial investment edged up 0.3% to $3.3 billion. Institutional construction investment rose by 1.2% to $1.5 billion.  

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