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Residential construction investment falls for fourth straight month in June: Statistics Canada

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1 year ago

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For the fourth month in a row, investment in Canadian residential construction declined in June, dropping by 4.5 per cent from May to settle at $12.1 billion. According to data released Aug. 18 by Statistic Canada, it’s not just homes feeling the pinch either. Non-residential construction, encompassing everything from office spaces to factories, also saw a slight decrease of 0.2 per cent, dropping to $5.9 billion month over month.

The agency identified an overall decline of 5.2 per cent, reducing the total investment to $55.7 billion. This decrease was attributed solely to an 8.2 per cent drop in residential construction, which lowered the value in that sector to $37.9 billion.

Results for the entire second quarter were also poor, with the release identifying single-family and multi-unit homes a key contributors to the decline.

“Investment in single family homes fell 10.5 per cent to $19.7 billion in the second quarter, the largest decline since the second quarter of 2020,” the release said. “Multi-unit construction declined for the third straight quarter, falling 5.7 per cent to $18.2 billion.”

Non-residential investment showed a spark of resilience in the quarter, inching up 1.8 per cent to $17.8 billion. This marks a tenth consecutive quarterly increase in this segment. Within this category, investment in industrial buildings surged 5.6 per cent to $3.7 billion. Commercial construction, too, experienced an upswing, growing 1.7 per cent to reach $9.8 billion.

In June 2022, the Canada Mortgage and Housing Corporation (CMHC) determined that Canada must accelerate the pace of construction to build 3.5 million additional new homes by 2030 to eliminate problems with affordability. At present, the country is building 200,000 to 300,000 new units annually, and would need to more than double that number to reach the CMHC’s target, but recent data shows residential construction has instead been on the decline.

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Investment

S&P/TSX composite up more than 100 points, U.S. stock markets mixed

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2 days ago

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October 16, 2024

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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.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

The Canadian Press. All rights reserved.

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Economy

S&P/TSX up more than 200 points, U.S. markets also higher

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7 days ago

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October 11, 2024

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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.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

The Canadian Press. All rights reserved.

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Economy

S&P/TSX composite little changed in late-morning trading, U.S. stock markets down

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1 week ago

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October 10, 2024

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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.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

The Canadian Press. All rights reserved.

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