Ontario Drives Growth in Residential Building Construction in September
December 4, 2024
Investment in building construction rose 2.1% to $21.6 billion in September, following a 0.2% increase in August. The residential sector increased 2.9% to $15.2 billion in September, while the non-residential sector edged up 0.3% to $6.4 billion. Year over year, investment in building construction grew 6.7% in September.
On a constant dollar basis (2017=100), investment in building construction increased 1.6% from the previous month to $13.0 billion in September and was up 3.1% on a year-over-year basis.
Chart 1
Investment in building construction, seasonally adjusted
Ontario drives growth in residential building construction
Investment in residential building construction was up 2.9% (+$433.4 million) to $15.2 billion in September. Increases were recorded in seven provinces and three territories, led by Ontario (+$232.1 million).
Infographic 1
Investment in residential building construction, September 2024
Single family home investment rose 4.0% (+$271.1 million) to $7.0 billion in September. Monthly gains were observed in seven provinces and two territories, led by Ontario (+$141.1 million).
Investment in multi-unit construction increased 2.0% (+$162.4 million) to $8.2 billion in September. Increases in Ontario (+$91.1 million), Quebec (+$57.8 million) and Alberta (+$45.4 million) were moderated by decreases in six other provinces.
Chart 2
Investment in residential building construction, seasonally adjusted
Non-residential investment edges up in September
Investment in non-residential construction edged up 0.3% (+$19.0 million) to $6.4 billion in September.
The industrial component increased 1.3% (+$18.3 million) to $1.4 billion.
Commercial construction investment grew 0.4% (+$12.5 million) to $3.2 billion. Monthly increases were recorded in three provinces and one territory, with Ontario (+$19.4 million) leading the gains. These increases were tempered by decreases in seven provinces and two territories.
Institutional construction investment decreased 0.6% (-$11.8 million) in September after reaching a record high in August. The decline was partially offset by gains in five provinces and one territory, led by Saskatchewan (+9.8% to $40.2 million).
Infographic 2
Investment in non-residential building construction, September 2024
Third quarter summary
Investment in building construction was $63.8 billion in the third quarter, up 1.7% from the previous quarter. Year over year, investment in building construction grew 7.5% in the third quarter.
Investment in residential building construction rose 2.2% to $44.7 billion in the third quarter, marking the fifth consecutive quarterly gain. The multi-unit component increased 4.5% to $24.3 billion, while the single-family homes component edged down 0.4% to $20.4 billion.
Investment in the non-residential sector edged up 0.6% to $19.1 billion in the third quarter. Increases in the commercial (+1.0% to $9.6 billion) and institutional (+1.0% to $5.4 billion) components were partially offset by the decline in the industrial component (-0.8% to $4.1 billion).
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