Commercial building permits booming
According to Statistics Canada, building permits issued by municipalities rose sharply in May, with a 13.8% rise in value compared to April. The previous month the value of all permits had risen by only 2.2%, but there has been a slow upward...
According to Statistics Canada, building permits issued by municipalities rose sharply in May, with a 13.8% rise in value compared to April. The previous month the value of all permits had risen by only 2.2%, but there has been a slow upward trend since the beginning of this year.
Aside from Quebec and Nova Scotia, every province posted higher figures for building permits in May.
The value of commercial building applications across the country rose 39.4% to $1.8 billion, the highest level so far in 2014. Statistics Canada said these permits were for a variety of building types, including warehouses, retail complexes, recreational facilities and hotels and restaurants. Ontario and Manitoba registering the biggest advances.
Industrial permits rose 22.4% to $441 million in May across the country, thanks largely to manufacturing plants in Quebec and Alberta.
Institutional building permits showed a drop, falling 16.6% to $555 million. The decrease was attributed primarily to “lower construction intentions for government buildings in Quebec and medical facilities in Saskatchewan.”
In the residential sector, permits for condominiums and other multi-family dwellings rose 16.1% to $1.9 billion in May, which was the third consecutive monthly advance. The gain was mostly seen in the western provinces, particularly in British Columbia.
To read the Statistics Canada report, with graphs, click here.