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Canadian construction sector saw 2.1% growth in monthly investment

Canadian construction sector saw 2.1% growth in monthly investment

Posted on November 21, 2024   |  

Investment in building construction in Canada increased by 2.1% in September, reaching CAD 21.6 billion, and was 6.7% higher than the same month last year.

Adjusted for constant dollars (2017=100), construction investment rose to CAD 13.0 billion in September, with a 1.6% monthly and 3.1% yearly increase.

Residential construction investment grew by 2.9% (CAD 433.4 million) to CAD 15.2 billion, with growth seen in seven provinces and three territories.

Investment in single-family homes went up by 4.0% (CAD 271.1 million) to CAD 7.0 billion, led by Ontario’s increase of CAD 141.1 million. 

Gains were recorded in 7 provinces and two territories.

Multi-unit residential investment rose by 2.0% (CAD 162.4 million) to CAD 8.2 billion, with the biggest increases in Ontario (CAD 91.1 million), Quebec (CAD 57.8 million), and Alberta (CAD 45.4 million), despite declines in six other provinces.

Non-residential construction investment increased slightly by 0.3% (CAD 19.0 million) to CAD 6.4 billion. 

Industrial investment grew by 1.3% (CAD 18.3 million), and commercial construction rose by 0.4% (CAD 12.5 million), while institutional investment fell by 0.6% (CAD 11.8 million).

For Q3 2024, total construction investment reached CAD 63.8 billion, up by 1.7% from the previous quarter and 7.5% from last year. 

Residential construction rose by 2.2% to CAD 44.7 billion, while non-residential construction increased by 0.6% to CAD 19.1 billion.

Multi-unit residential investment in Q3 grew by 4.5% to CAD 24.3 billion, while single-family home investment declined slightly by 0.4% to CAD 20.4 billion. 

Gains in commercial (1.0% to CAD 9.6 billion) and institutional (1.0% to CAD 5.4 billion) offset a 0.8% drop in industrial investment (CAD 4.1 billion).



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