Investment in Building Construction, October 2023
December 18, 2023
Investment in building construction rose 2.7% to $19.4 billion in October. The residential sector grew 3.9% to $13.4 billion, while investment in the non-residential sector was essentially flat, remaining at $6.0 billion.
On a constant dollar basis (2012=100), investment in building construction increased by 2.4% to $11.0 billion.
Chart 1
Investment in building construction, seasonally adjusted
Strong gains in residential sector
Investment in residential building construction increased 3.9% month over month to $13.4 billion in October, with eight provinces reporting increases. The Prairie provinces, Manitoba (+16.2%), Saskatchewan (+11.5%) and Alberta (+9.5%), had the strongest gains, while Newfoundland and Labrador (-6.1%) saw the largest decline.
Investment in detached single family homes increased 3.1% to $6.5 billion, led by a 23.3% increase in Manitoba.
Multi-unit investment (apartments, semi-detached and row homes) rose 4.6% to $6.9 billion on strong growth across all provinces, with only Newfoundland and Labrador (-8.8%) and Quebec (-1.5%) posting declines.
Infographic 1
Investment in residential building construction, October 2023
Chart 2
Investment in residential building construction, seasonally adjusted
Non-residential investment flat in October
Investment in the non-residential sector was essentially flat month over month, remaining at $6.0 billion in October. Gains in industrial (+1.0% to $1.2 billion) and institutional (+0.7% to $1.6 billion) investments were offset by declines in commercial investment (-0.7% to $3.2 billion).
Gains in the institutional sector were led by investments in hospital facilities. Investment in industrial facilities was led by the construction of an active cathode materials plant for the electric vehicle supply chain in Bécancour, Quebec.
