Yes, a building hoist can be used for both commercial and residential purposes. These hoists are designed to lift materials and workers to various levels of a building under construction. In commercial settings, they are often used in high-rise buildings, while in residential construction, they are used for multi-story homes or apartment complexes. However, the specific type and capacity of the hoist should be chosen based on the project's requirements and safety regulations must be strictly adhered to in both types of construction.