Investment in Building Construction Down 2% in August

EIN Aug Building 400

October 22, 2021

Investment in building construction decreased 2.0% to $17.7 billion in August, a fourth consecutive monthly decline. Residential construction was down 2.9% for the month, while investment in non-residential construction edged up 0.6%.

On a constant dollar basis (2012=100), investment in building construction declined 2.6% to $12.7 billion in August.

Residential construction continues to slow following April peak

Residential construction investment decreased 2.9% in August, with declines posted in every province except for a slight increase in Nova Scotia.

Investment in single family homes was down 2.6% to $7.0 billion, with Quebec, Ontario and British Columbia posting the largest declines. Despite a fourth consecutive monthly decrease, single unit construction was 25.6% higher than a year earlier.

Multi-unit construction investment declined in all provinces, down 3.3% nationally to $6.0 billion in August.

Institutional sector drives gains in non-residential construction

Non-residential construction investment rose 0.6% in August to $4.7 billion.

Institutional investment posted a 10th consecutive monthly increase (+1.8% to $1.3 billion), driven by gains in Ontario (+4.3%) and Quebec (+2.2%). This was the highest level of investment in institutional construction since March 2012.

Commercial investment was mostly unchanged in August (+0.1%), with gains in seven provinces offsetting the declines in Ontario (-0.5%), British Columbia (-1.3%) and Nova Scotia (-2.4%).

Industrial construction edged up 0.2% for the month, led by investment in Ontario.

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