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Investment in non-residential building construction in November of 2024. (Source: Statistics Canada, Table 34-10-0286-01 – Investment in Building Construction.)
Overall, investment in building construction edged down slightly in November, reports Statistics Canada in its latest construction investment report. The 0.5 per cent slip brought investment to $21.4 billion in November. This followed a 1.1 per cent decrease in October. Year over year, investment in building construction grew 2.7 per cent in November.
The monthly decline from October was driven by the residential sector, which fell $168.1 million to land at $14.8 billion, but was partially offset by a $71.5 million gain in the non-residential sector, which came in at $6.6 billion.
The retraction in November’s residential building investment figures were the result of a 4.8 per cent drop in multi-unit dwelling construction, which was at $7.5 billion for the month. Much of that decline was attributed to Ontario, which was $317.9 million below the October figures.
Single family home construction investment actually rose 2.9 per cent for the month, coming in at $7.3 billion in November. Monthly increases were observed in eight provinces, with Ontario leading the national gains.
Non-residential construction investment reached a record high in November. The $6.6 billion posted marked the fourth consecutive monthly increase. By segment, the industrial component increased 2.2 per cent to $1.4 billion; commercial construction edged up 0.4 per cent to $3.3 billion; and the institutional component rose 1.5 per cent to $1.9 billion.