Aug 22, 2023
Statistics Canada report: Residential construction investment decline continues
Investment in residential construction saw a persistent decline for the fourth consecutive month, dropping by 4.5% to $12.1 billion in June, according to Statistics Canada's latest report. Non-residential construction also experienced a minor dip of 0.2% to reach $5.9 billion. Overall, the investment in building construction exhibited a decrease of 3.1%, totaling $18.0 billion for the month of June.
In the residential sector, Ontario was primarily responsible for the decline, with a decrease of 5.8% to $5.1 billion. Notably, single-family home construction witnessed a decline of 5.7%, settling at $6.2 billion in June. This decline was observed across eight provinces. Multi-unit construction followed the trend, experiencing an eighth consecutive month of decrease, falling by 3.1% to $5.9 billion in June, its lowest recorded level since September 2021.
During the second quarter, investment in single-family homes experienced a decrease of 10.5%, settling at $19.7 billion, its most significant decline since Q2 2020. Multi-unit construction also faced a third consecutive quarterly decline, decreasing by 5.7% to $18.2 billion in Q2 2023.
Sign up for our Daily News Alerts to receive relevant industry news, articles, and previews for our next issue of Home Improvement Retailing. Delivered directly to your inbox. Subscribe here.