Canadian Building Construction Investment Falls 4.5% in June
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.