Non-residential construction investment hits record high in November
January 20, 2025
By Canadian Rental Service Staff
Investment in building construction for November 2024
(Image by: Adobe Stock) Statistics Canada (Stats Can) releases the investment in building construction data for Nov. 2024.
According to Stats Can, investment in building construction edged down 0.5 per cent to $21.4 billion in November, following a 1.1 per cent decrease in Oct. Year over year, investment in building construction grew 2.7 per cent in November. The residential sectorbut drove the monthly decline in investment in building construction in Nov. was partially offset by a gain in the non-residential sector.
On a constant dollar basis, investment in building construction decreased 0.5 per cent compared with the previous month to $12.8 billion in November, but it was up 0.1 per cent year over year. Investment in residential building construction declined 1.1 per cent to $14.8 billion in Nov., with decreases occurring in four provinces and three territories, led by Ontario. Quebec led the gains recorded in the remaining provinces in Nov. Investment in multi-unit dwelling construction was down 4.8 per cent to $7.5 billion in Nov., largely attributable to Ontario. Declines were also recorded in five other provinces and two territories.
Single-family home construction investment rose 2.9 per cent to $7.3 billion in Nov. Monthly increases were observed in eight provinces, with Ontario leading the national gains.
Investment in residential building construction. (Image by Stats Can)
Stats Can claims, investment in non-residential building construction increased 1.1 per cent to a record-high $6.6 billion in Nov. This marked the fourth consecutive monthly increase. The industrial component increased 2.2 per cent to $1.4 billion in Nov. Commercial construction investment edged up 0.4 per cent to $3.3 billion in Nov. The gain in Ontario offset decreases in Alberta and British Columbia. In Nov., institutional construction investment rose 1.5 per cent to $1.9 billion, with six provinces and the three territories recording increases. Quebec led the decline in the remaining provinces.