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(Photo provided by: Statistics Canada)

Statistics Canada reported that investment in building construction continued its upward trend since October 2021, rising 0.8% to $21.0 billion in July. Both the residential (+1.0%, total value of $15.7 billion) and non-residential (+0.1%, total value of $5.3 billion) sectors posted increases.

The non-residential sector remains unchanged

Investment in non-residential construction rose 0.1% to $5.3 billion in July.

Commercial investment rose 0.6% to $3.0 billion for the month, after posting strong gains in June. The notable growth of the component comes mainly from British Columbia +3.5%, stemming from several projects in Vancouver.

At the sub-component level, new construction for trade and services and warehouses contributed the most to growth. In July, construction in trade and services surpassed pre-COVID-19 levels, with substantial growth over the previous 12 months. Warehouses have also seen considerable growth, with an increase of 42.0% on an unadjusted basis since March 2021.

Investment in the industrial component rose 2.2% to $1.0 billion in July, with gains in seven provinces. Ontario accounted for most of the component’s gains during the month, continuing its considerable growth since December 2021.

Investment in institutional construction fell 2.3% to $1.4 billion in July, the biggest decline for the component since April 2020.

Minor gains in the residential sector

Investment in residential building construction rose 1.0% to $15.7 billion in July.

Investment in single-family homes edged up 0.3% to $8.6 billion and remained relatively flat in the five months to July.

Investment in multi-unit construction rose 1.8% to $7.1 billion for the month, with apartment projects in Ontario and British Columbia largely contributing to the gains.

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