Construction spending declines in July

Investment in building construction declined 2.6 percent to $17.5 billion in July, StatCan reports. Residential construction spending was down 4.1 percent to $11.5 billion in July, with declines seen in eight provinces. Single-family home construction investment declined 5.5 percent to $5.8 billion, the lowest level since August 2020, with Ontario accounting for most of the fall.