Statistics Canada: Investment in Building Construction, July 2023

Investment in building construction declined 2.6% to $17.5 billion in July. 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 (2012=100), investment in building construction decreased by 2.5% to $10.0 billion.

Residential investment declines for fifth straight month

Investment in residential building construction fell 4.1% to $11.5 billion in July, with declines seen 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.

Institutional investment leads growth in non-residential sector

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. A new hospital project in Dawson Creek contributed to notable gains in British Columbia.

For more information on construction, please visit the Construction statistics portal.

For more information on housing, please visit the Housing statistics portal.

Note to readers

Data are subject to revisions based on late responses, methodological changes and classification updates. Unadjusted data have been revised from January 2019 and seasonally adjusted data have been revised from January 2016.

Data presented in this release are seasonally adjusted with current dollar values unless otherwise stated. Using seasonally adjusted data allows month-to-month and quarter-to-quarter comparisons by removing the effects of seasonal variations. For information on seasonal adjustment, see Seasonally adjusted data – Frequently asked questions.

Monthly estimates in constant dollars are calculated using quarterly deflators from the Building Construction Price Index (table 18-10-0135-01). Typically, the first two months of a quarter use the previous quarter’s price level, and the data are revised when the new quarterly price index becomes available.

Detailed data on investment activity by type of building and type of work are now available in the unadjusted current dollar series.

The trade and services subcomponent includes buildings such as retail and wholesale outlets, retail complexes, and motor vehicle show rooms. More detailed information can be found on the Integrated Metadatabase at Types of Building Structure – 2.2.1 – Trade and services.

Next release

Data on investment in building construction for August will be released on October 20.

Products

Statistics Canada has a “Housing Market Indicators” dashboard. This web application provides access to key housing market indicators for Canada, by province and census metropolitan area. These indicators are automatically updated with new information from monthly releases, giving users access to the latest data.

Source: Statistics Canada