The total value of investment in building construction decreased $503.2million (-2.1%) to $23.0billion in February, driven by a decline in the residential sector (-3.3%). Meanwhile, the non-residential sector edged up0.7%, mitigating the decrease. Year over year, investment in building construction grew1.8% in February.

On a constant dollar basis (2023=100), the total value of investment in building construction in February declined2.3% from the previous month to $21.1billion and was down1.5% year over year.

Multi-unit component weighs on residential investment

In February, investment in residential building construction was down $552.3million to $16.0billion. The decline in the multi-unit component (-6.9%) was moderated by an increase in the single-family component (+1.1%).

Investment in multi-unit dwelling construction decreased $630.0million to $8.5billion in February. Ontario (-$422.7million) led the decline, supported by six other provinces and two...