Investment in building construction decreased in December, StatCan says

Investment in building construction in Canada decreased 1.3 per cent to $20.2 billion in December 2022, new figures from Statistics Canada show.

Investment in residential building construction was down 2.1 per cent to $14.6 billion in December. Investment in the construction of single-family homes continued to decline for the fifth consecutive month, StatCan said, down 0.5 per cent to $7.8 billion. Alberta (-3.6 per cent) played the largest role in the decline.

Investment in multi-unit construction decreased 3.9 per cent to $6.8 billion, meanwhile, with Ontario posting its largest decline (-8.1 per cent) since April 2020, early in the COVID-19 pandemic.

Investment in non-residential construction was up 0.8 per cent to $5.6 billion in December, with Ontario (+2.7 per cent) accounting for most of the growth as it led the gains in each component.

Industrial construction investment increased for the 13th consecutive month, up 2.1 per cent to $1.1 billion. Ontario and Quebec, as well as the overall industry, continued to post record highs.

Commercial construction investment remained relatively stable for the month, StatCan said, up 0.1 per cent to $3.1 billion. The growth in Ontario (+1.7 per cent) offset declines in seven other provinces.

Institutional construction investment increased 1.5 per cent to $1.4 billion and has remained around this value since October 2021. Notably, StatCan said, New Brunswick posted its seventh consecutive increase in this component in December 2022, while Newfoundland and Labrador posted its fourteenth consecutive drop.