According to a recent Statistics Canada report, building permit values jumped 15 per cent, to approximately $7.5 billion in October, when compared to the previous month. The increase follows a 12.7-per-cent decline in September.
Non-residential construction intentions were up 50.3 per cent to just over $3.4 billion, following a 29.4-per-cent decline in the previous month.
Industrial component building permit values tripled to just under $1.1 billion in October, surpassing the $1 billion mark for the first time, largely due to increased building intentions for manufacturing plants, transportation-related buildings and utilities buildings.
Building permit values for the institutional component were up 69.6 per cent to $982 million in October, mainly due to higher building intentions for medical facilities and educational institutions in Ontario, as well as increased intentions for government buildings and educational institutions in Manitoba.
Building permit values in the commercial component increased slightly, up 0.1 per cent to nearly $1.4 billion in October, led by an increase in a variety of buildings in Ontario and Quebec.
Building permit values were up in 20 of Canada’s 34 census metropolitan areas, with the largest gains experienced in Hamilton, Toronto and Montreal.
Vancouver experienced the largest decline.
Building permit values for the residential sector fell 4.1 per cent to approximately $4.1 billion, marling the third monthly decline in the sector in four months.
To view the full report, click here.
Source: Statistics Canada.