DECLINING INSTITUTIONAL PERMIT VALUES CONTRAST BUSY SUMMER
Total ICI permit values increased in Ottawa, London, and Kingston compared to last year’s June-August period. In Windsor, Thunder Bay, Greater Sudbury, and Peterborough, ICI permit values declined. The biggest increase was in Ottawa at 42%. Thunder Bay had the most significant decrease, down 70%.
Institutional permit values declined in all seven metropolitan areas in the June-August period. Institutional permitting is expected to pick up in the fourth quarter of 2016 though. The smallest decline was in Ottawa where permit values were down 11% compared to last year. London, where the institutional sector has been strong this year, declined 30%. The biggest drop was 85% in Thunder Bay. The remaining four metropolitan areas experienced declines between 40-60%.
Kingston was the only metropolitan area with a strong industrial sector between June and August. Industrial permit values in Kingston accounted for 56% of total ICI permitting. In the other six metropolitan areas, permit values didn’t account for more than 17%.
Commercial permit values had significant increases in Ottawa, London, and Greater Sudbury in the June-August period. Windsor’s commercial permit values were unchanged, while Thunder Bay, Peterborough, and Kingston declined. Of all the ICI sectors in these metropolitan areas, the commercial sectors in Ottawa and London were the most valuable by dollar amount. Permit values in Ottawa’s commercial sector amounted to over $300 million between June and August, while London’s totaled more than $100 million.
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