Building Construction Investment in the Residential Sector Up for November
January 26, 2024
Investment in building construction rose 1.7% to $19.8 billion in November. The residential sector grew 2.2% to $13.7 billion, while investment in the non-residential sector edged up 0.4% to $6.0 billion.
On a constant dollar basis (2017=100), investment in building construction increased by 1.3% to $12.3 billion in November.
Investment in the residential sector rises
Investment in residential building construction increased 2.2% to $13.7 billion in November. The monthly increase in November was led by more activity in new construction in Nova Scotia (+10.4%), Alberta (+4.4%), Ontario (+4.1%), British Columbia (+2.3%) and Quebec (+1.0%). In Alberta, the monthly growth brought total investment in the residential sector to $2.0 billion in November, a record high in the province since the beginning of this series in January 2010.
These increases were partially offset by declines in the other provinces as the pace of new construction slowed from earlier in 2023.
Investment in detached single-family homes increased 1.2% to $6.6 billion in November, the fourth consecutive monthly increase. Meanwhile, investment in multi-unit buildings, which includes apartments, semi-detached and row homes, increased 3.1% to $7.2 billion.
Non-residential edges higher
Investment in the non-residential sector edged up 0.4% to $6.0 billion in November. Gains in institutional (+3.1% to $1.6 billion) and industrial (+1.0% to $1.3 billion) investments were mostly offset by the decline in commercial investment (-1.2% to $3.2 billion) in the month.
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