{"id":22299,"date":"2023-09-25T23:49:21","date_gmt":"2023-09-26T06:49:21","guid":{"rendered":"https:\/\/essential.construction\/news\/building-construction-investment-takes-a-hit-in-july\/"},"modified":"2023-09-25T23:49:22","modified_gmt":"2023-09-26T06:49:22","slug":"building-construction-investment-takes-a-hit-in-july","status":"publish","type":"post","link":"https:\/\/essential.construction\/news\/building-construction-investment-takes-a-hit-in-july\/","title":{"rendered":"Building construction investment takes a hit in July"},"content":{"rendered":"

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Investment in non-residential building construction, July 2023. (Source: Statistics Canada, Table 34-10-0175-01\u2013Investment in Building Construction.)<\/p>\n<\/div>\n

Investment in building construction dropped 2.6 per cent in July, falling to $17.5 billion, but the losses were not across the board, reports Statistics Canada in its latest investment in building construction report. Although the residential sector decreased 4.1 per cent to land at $11.5 billion, the non-residential sector found itself up by a half-per-cent, to come in at $5.9 billion.<\/p>\n

Institutional investment led growth in non-residential sector, rising by 1.2 per cent to hit $1.5 billion on the strength of a new hospital project in Dawson Creek, B.C.<\/p>\n

After two consecutive monthly decreases, investment in the industrial component rebounded with a slight, 0.6 increase. That component reported in at $1.2 billion, while commercial investment edged up 0.3 per cent to $3.3 billion.<\/p>\n

Overall, investment gains across the three non-residential segments were paced by increases in British Columbia, Alberta and Saskatchewan. Six provinces posted contractions.<\/p>\n

Following on the track it has been on for the past few months, residential investment posted a decline for the fifth straight month. Reductions were posted in eight provinces.<\/p>\n

Nationally, single-family home construction investment fell 5.5 per cent to $5.8 billion, the lowest level since August of 2020. Ontario accounted for most of the drop. Multi-unit construction investment was also down, but slightly less, as the component fell 2.8 per cent to $5.7 billion in July. Of note is that this was the ninth consecutive monthly decrease for the segment.<\/p>\n

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www.statcan.gc.ca<\/a><\/p>\n<\/p><\/div>\n