Residential building construction leads November decrease

(Source: Statistics Canada Table 34-10-0175-01). Investment in Building Construction.

Investment in building construction declined 1.4 per cent in November to $20.4 billion overall, in November, reports Statistics Canada. The residential sector experienced a two-per-cent decrease for the month, a third consecutive monthly dip.

Alberta’s residential investment dropped 7.1 per cent in November, making it the largest decline the province has experienced since the COVID-19 downturn in April 2020. Newfoundland and Labrador experienced the steepest decrease in overall residential investment, falling 19.5 per cent, while investment in Prince Edward Island fell by 13.9 per cent. Nationwide, investment in single-family homes fell for the fourth month in a row, dropping nearly four per cent to $7.8 million in November. All provinces reported declines. The November drop brought investment in single-family homes back down to levels seen in December 2021.

The one residential sector saved from red ink was multi-unit family investment, which edged up by a marginal 0.1 per cent to reach $7.1 billion. Manitoba’s gains of 16.4 per cent helped offset declines in six provinces in that sector.

Overall, the residential sector decreased by two per cent to $14.9 billion, while the non-residential sector edged up 0.2 per cent, reaching $5.5 billion in November.

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