Investment in building construction cooled slightly in May, StatCan reports, decreasing 1.9 percent to $19.4 billion. This was the first drop in seven months.
Residential construction investment declined for the first time since April 2020, while non-residential construction increased slightly. Residential construction was down 2.7 percent in May, bringing total investment to $14.8 billion, with declines in both single and multi-unit construction.
Investment in single-family homes was also down 2.7 percent to $8.3 billion. Quebec and Ontario posted the largest declines. Still, single-unit investment remained approximately 60 percent above pre-COVID-19 levels.
