Investment in building construction across Canada decreased 4.5 per cent to $18.4 billion in June, marking back-to-back monthly drops thanks to the decrease in May.
Residential investment cools off for a second month
Following a 3.0 per cent decrease in May, residential construction investment fell 5.8 per cent in June to $13.8 billion.
Investment in single-family homes remained well above pre-COVID-19 levels, despite falling 7.3 per cent in June to $7.5 billion.
Multi-unit construction investment was down 3.8 per cent to $6.2 billion in June, with more than half of the provinces posting declines.
First Non-residential construction decline in six months
After posting slight increases for the last six months, non-residential construction investment edged down 0.4 per cent to $4.6 billion in June.
Commercial construction investment declined 1.0 per cent to $2.5 billion. The largest drop was from Ontario, down 2.2 per cent as projects in the cities of Ajax and Brampton began to slow down after peaking earlier this year.
Industrial construction investment was down 1.2 per cent to $825 million in June.
Institutional investment increased for the eighth consecutive month, up 1.3 per cent to $1.2 billion. Ontario led the way, advancing 2.8 per cent to $430 million.
Fourth consecutive quarterly increase
Total investment in building construction increased 7.3 per cent to $57.2 billion in the second quarter of 2021.
Residential construction surpassed $40 billion for the first time ($43.4 billion), with an increase of 9.3 per cent compared with the first quarter. The strength of the residential sector this quarter continued to stem from single-unit investment, specifically in the larger provinces.
Non-residential investment posted a slight increase in the second quarter, up 1.5 per cent to $13.8 billion, yet remained slightly below the same quarter in 2020. Institutional investment reported a 4.8 per cent increase, with the most growth coming from Ontario and Quebec.
Industrial construction investment was up 1.1 per cent despite declines in more than half of the provinces. Quebec and Ontario led the growth.
Commercial investment inched forward 0.2 per cent this quarter, remaining below pre-COVID-19 levels.
TORONTO – Canada’s main stock index was up more than 100 points in late-morning trading, helped by strength in base metal and utility stocks, while U.S. stock markets were mixed.
The S&P/TSX composite index was up 103.40 points at 24,542.48.
In New York, the Dow Jones industrial average was up 192.31 points at 42,932.73. The S&P 500 index was up 7.14 points at 5,822.40, while the Nasdaq composite was down 9.03 points at 18,306.56.
The Canadian dollar traded for 72.61 cents US compared with 72.44 cents US on Tuesday.
The November crude oil contract was down 71 cents at US$69.87 per barrel and the November natural gas contract was down eight cents at US$2.42 per mmBTU.
The December gold contract was up US$7.20 at US$2,686.10 an ounce and the December copper contract was up a penny at US$4.35 a pound.
This report by The Canadian Press was first published Oct. 16, 2024.
TORONTO – Canada’s main stock index was up more than 200 points in late-morning trading, while U.S. stock markets were also headed higher.
The S&P/TSX composite index was up 205.86 points at 24,508.12.
In New York, the Dow Jones industrial average was up 336.62 points at 42,790.74. The S&P 500 index was up 34.19 points at 5,814.24, while the Nasdaq composite was up 60.27 points at 18.342.32.
The Canadian dollar traded for 72.61 cents US compared with 72.71 cents US on Thursday.
The November crude oil contract was down 15 cents at US$75.70 per barrel and the November natural gas contract was down two cents at US$2.65 per mmBTU.
The December gold contract was down US$29.60 at US$2,668.90 an ounce and the December copper contract was up four cents at US$4.47 a pound.
This report by The Canadian Press was first published Oct. 11, 2024.
TORONTO – Canada’s main stock index was little changed in late-morning trading as the financial sector fell, but energy and base metal stocks moved higher.
The S&P/TSX composite index was up 0.05 of a point at 24,224.95.
In New York, the Dow Jones industrial average was down 94.31 points at 42,417.69. The S&P 500 index was down 10.91 points at 5,781.13, while the Nasdaq composite was down 29.59 points at 18,262.03.
The Canadian dollar traded for 72.71 cents US compared with 73.05 cents US on Wednesday.
The November crude oil contract was up US$1.69 at US$74.93 per barrel and the November natural gas contract was up a penny at US$2.67 per mmBTU.
The December gold contract was up US$14.70 at US$2,640.70 an ounce and the December copper contract was up two cents at US$4.42 a pound.
This report by The Canadian Press was first published Oct. 10, 2024.
