Record High Values Driven by Industrial Recovery & Institutional Surge

Ontario’s ICI permit values reached a record high in this year’s second quarter, totalling just under $4.38 billion. The previous high, which was set two years ago, was $4.29 billion. Compared to last year’s second quarter, ICI permits increased by 50%. Institutional permit values increased significantly in every region except Southwestern Ontario. Commercial permit values increased by 71% in the GTA, but saw little change in Ontario’s other region, not varying up or down by more than 10%. Industrial permit values, which have struggled recently especially in the GTA, had a significant upturn in Q2. Industrial permit values increased in all regions, and increased by over 150% in both the GTA and Central Ontario. The province’s total industrial permit values amounted to over $1 billion in a single quarter for the first time. As always, it should be noted that municipal permit values don’t capture all industrial construction activity.

Select from any of the regions below: