Issue 19-166 Building Investment
October 24, 2019
Total investment in building construction in B.C. dipped in August, decreasing 3.1% (seasonally adjusted) to $2.7 billion.
Investment in non-residential building construction in the province was 1.9% higher than in July (to $790 million), as spending on new buildings was up in the commercial (+2.1%) industrial (+1.7%) and institutional (+1.4%) sectors.
Canada-wide, non-residential construction expenditures inched up 0.5%. Investment in new non-residential building projects was higher in six provinces, with Ontario (+1.1% to $1.8 billion) recording the biggest increase in terms of dollar value.
On the residential side, investment in B.C. continued to ease (-5.0%, seasonally adjusted) in August. This marked the third straight monthly decrease in investment in residential structures. The drop was due to slowed spending on new multiple (including doubles, row homes, and condo and rental apartments) dwellings (-6.2% to $1.2 billion) and single-detached homes (-3.1% to $709 million).
Nationally, an increase (+1.8%) in total residential investment in August was also relatively widespread, with all but four provinces recording an increase.