Commercial Permit Values Increased Dramatically in Q4 while Industrial Permits Continued to Sink

Ontario’s commercial sector led ICI activity in the fourth quarter, increasing by 42% year-over-year. Industrial permit values experienced another decline in Q4, down 31%. This continues the trend which was observed in the third quarter with strong growth in commercial activity province-wide contrasted by diminishing levels of industrial work in Central Ontario and the GTA. In 2016 overall, industrial permit values in the GTA and Central regions both fell to their lowest levels since the recession. It should be noted that some industrial construction activity is not captured by municipal building permit statistics. While industrial permit values were at their lowest in the GTA and Central region since the recession, this doesn’t necessarily mean that industrial construction activity was at its lowest.

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