Investment in building construction across Canada declined for the second straight month, following consecutive increases between November 2020 and April 2021.
According to Statistics Canada, building construction investment fell 4.5% to $18.4 billion in June, as both residential and non-residential construction suffered a decline.
After rising 0.3% in May, residential construction investment plummeted 5.8% to $13.8 billion, as investment in single-family homes declined 7.3%. Despite this, however, investment in this category still remained well above pre-pandemic levels in June. Multi-unit construction was also down in June, falling by 3.8% to $6.2 million, as over half of the provinces reported some form of decline in this category.
Non-residential construction also edged lower in June, following modest monthly increases since November. Investment in this category declined 0.4% to $4.6 billion, as commercial construction investment fell 1%. Similarly, industrial construction investment was also 1.2% lower, while institutional investment rose 1.3% to $1.2 billion, marking the eighth consecutive month of gains.
Information for this briefing was found via Statistics Canada. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
