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Construction Investment Increase Buoyed by Positivity in Financial Sector for 3Q

Investment in building construction rose 2.7% to $19.4 billion in October. The residential sector grew 3.9% to $13.4 billion, while investment in the non-residential sector was essentially flat, remaining at $6.0 billion.

On a constant dollar basis (2012=100), investment in building construction increased by 2.4% to $11.0 billion.

Investment in building construction, October 2023

Chart 1  Chart 1: Investment in building construction, seasonally adjusted
Investment in building construction, seasonally adjusted

Strong gains in the residential sector

Investment in residential building construction increased 3.9% month over month to $13.4 billion in October, with eight provinces reporting increases. The Prairie provinces, Manitoba (+16.2%), Saskatchewan (+11.5%) and Alberta (+9.5%), had the strongest gains, while Newfoundland and Labrador (-6.1%) saw the largest decline.

Construction Investment Increase Buoyed by Positivity in Financial Sector for 3Q

Investment in detached single-family homes increased 3.1% to $6.5 billion, led by a 23.3% increase in Manitoba.

Multi-unit investment (apartments, semi-detached and row homes) rose 4.6% to $6.9 billion on strong growth across all provinces, with only Newfoundland and Labrador (-8.8%) and Quebec (-1.5%) posting declines.

Infographic 1  Thumbnail for Infographic 1: Investment in residential building construction, October 2023
Investment in residential building construction, October 2023

Chart 2  Chart 2: Investment in residential building construction, seasonally adjusted
Investment in residential building construction, seasonally adjusted

Non-residential investment flat in October

Investment in the non-residential sector was essentially flat month over month, remaining at $6.0 billion in October. Gains in industrial (+1.0% to $1.2 billion) and institutional (+0.7% to $1.6 billion) investments were offset by declines in commercial investment (-0.7% to $3.2 billion).

Construction Investment Increase Buoyed by Positivity in Financial Sector for 3Q

Investments led to gains in the institutional sector in hospital facilities. Investment in industrial facilities was led by construc