Canada’s early estimated Industrial Producer Price Index (IPPI) grew by 16.2pc in July 2021 against the same year-ago month and climbed by 0.1pc compared to the previous month, according to Statistics Canada (StatCan).
Primary ferrous metal products rose by 5.6pc in July against June with basic and semi-finished iron and steel growing by 5.7pc month-to-month.
The rise in the IPPI was driven by the energy and petroleum products which were up 5.1pc. Canada’s motorized and recreational vehicles sector rose by 1.2pc.
Construction Investments
In June, building construction investment fell by 4.5pc to CAD18.4bn ($14.7bn) against the preceding month, according to StatsCan.
Residential construction dropped by 5.8pc in June to CAD13.8bn compared to the previous month. Single-family home investments dropped by 7.3pc to CAD7.5bn in June against May while multi-unit construction investment declined by 3.8pc to CAD3.2bn during the same period in comparison.
Non-residential construction investment contracted by 0.4pc to CAD4.6bn in June against May figures after six months of positive gains.
Commercial construction investments shrunk by 1pc to CAD2.5bn in June in monthly terms as Industrial construction investment declined by 1.2pc to CAD825mn also against May.
Institutional investment rose by 1.3pc to CAD1.2bn in June compared to May, up for the eighth consecutive month. Building construction rose by 7.3pc to CAD57.2bn in Q2 2021 against Q1 with residential construction investment up 9.3pc to CAD43.4bn and non-residential up 1.5pc to CAD13.8bn.
($1=CAD1.25)