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Investment in Canadian building construction up 0.2 percent in August

Monday, 21 October 2024 10:23:22 (GMT+3)   |   San Diego
       

According to Statistics Canada, month over month, investment in building construction edged up 0.2 percent to $21.0 billion in August, after a 1.6 decrease in July.

Investment in residential building construction decreased $14.1 million (-0.1 percent) to $14.6 billion in August. The monthly decline in August was recorded in four provinces, led by Quebec (-$126.4 million). Meanwhile, investment in residential building construction edged up in six provinces and three territories, led by Ontario.

Nationally, investment in detached single-family homes increased 0.1 percent to $6.7 billion in August. Monthly declines in five provinces, led by Ontario (-$29.9 million), are offset by gains observed by the remaining provinces and three territories. At the same time, multi-unit investments decreased 0.3 percent to $7.9 billion in August, driven by declines in five provinces, with Quebec leading the way and marking its second consecutive monthly decrease. The declines were mitigated by growth in Ontario (+$125.5 million), which recorded its third monthly increase in a row.

Investment in the non-residential sector increased by $63.2 million (+1.0 percent) to $6.4 billion in August, setting a record high level for the sector. In particular, institutional construction investment rose by 1.3 percent to reach a record high of $1.8 billion in August, while the industrial component grew by 1.9 percent to $1.4 billion and the commercial construction investment increased by 0.4 percent to $3.2 billion.


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