Investment in Building Contruction Down 2% for April, 2024

July 15, 2024

Investment in building construction decreased 2.0% to $20.5 billion in April compared with March. The residential sector declined 2.7% to $14.2 billion, while the non-residential sector fell 0.5% to $6.3 billion.

On a constant dollar basis (2017=100), investment in building construction decreased 1.9% to $12.6 billion in April.

Investment in residential sector declines

Investment in residential building construction decreased by $386.7 million (-2.7%) to $14.2 billion in April. Monthly declines were recorded in 9 of the 13 provinces and territories in April, led by Ontario (-$123.9 million to $5.5 billion) and Alberta (-$118.4 million to $1.7 billion). These declines were tempered by increases in the remaining provinces and territories, led by Saskatchewan (+$33.7 million to $287.1 million).

Across Canada, single family home investment fell 4.7% to $6.9 billion in April. Saskatchewan (+17.7%; +$29.8 million) was the only province to report an increase in single family home investment in the month.

Multi-unit family investment was down 0.6% to $7.3 billion in April. Decreases were observed in six provinces and one territory. Much of the decline was offset by gains in Nova Scotia (+10.5%; +$17.6 million) and Quebec (+1.1%; +$14.1 million).

Non-residential construction investment edges down

Investment in non-residential construction edged down by $31.2 million (-0.5%) to $6.3 billion in April. Declines in the industrial (-1.4%; -$19.5 million) and commercial (-0.7%; -$23.2 million) components were partially offset by a slight increase in the institutional component (+0.6%; +$11.4 million) in the month.

In April, 7 of the 13 provinces and territories reported gains in institutional construction investment, with Manitoba (+10.2%; +$7.4 million) leading the way. Notably, this was the 15th consecutive monthly increase for Manitoba. On a year-over-year basis, the value of institutional construction investment in Manitoba nearly doubled, from $40.0 million in April 2023 to $79.8 million in April 2024.

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