November 8, 2022
Summary: Building Permit values decreased in all sectors from August to September, with total ICI permit value down 51.8%. Year-to-Date permit values, however, were still higher compared to this time last year.
In contrast to the historic high reached in August, total ICI permit values decreased by 51.8% ($2.24-$1.08 billion); commercial permit values decreased by 48.8% ($1.1 billion – $565.6 million), industrial permit values went down 38.2% ($533.6 – $329.6 million), and institutional permit values decreased the most at 69.3% ($606.7 – $186.3 million).
Quarterly (Q3 2022)
Total ICI permit value was also down compared to the previous quarter, by 6.1% ($4.92 – $4.62 billion). This was led by a drop in industrial permit values, which were down 20% ($1.41 – $1.13 billion). However, looking at quarterly permit values compared to 2021, we observe an increase to total ICI permit value, up 3.9%. Industrial permit values increased 12.2% ($1.01 – $1.13 billion) and institutional values were up 30.9% ($739 – $966 million). The commercial sector however, decreased slightly by 6.5% ($2.70 – $2.52 billion).
Permit values were still elevated compared to the same time (Jan-Sept) in 2021. Total YTD values were up 12.8%, with the industrial sector experience the largest increase (50.1%)
Overall, permit activity cooled significantly compared to August. Quarterly changes were less dramatic, with total ICI permit value decreasing slightly compared to Q2 2022. Year-to-date values were still up, with the industrial sector leading the way. While recent permitting activity has slowed down, the year-to-date numbers indicate that there is more upcoming construction relative to the same time last year.
FOR MORE INFORMATION, CONTACT:
Director of Research
Ontario Construction Secretariat (OCS)
180 Attwell Drive, Suite 360, Toronto, ON M9W 6A9
P 416.620.5210 ext. 222