February 8, 2023
Summary: Building permit values decreased in all sectors from November to December, with total ICI permit value down 56%. Quarterly and Year-to-Date permit values, however, were all higher.
Monthly Change
Total ICI permit value decreased by 56% ($3.06-$1.35 billion); commercial permit value decreased by 45.8% ($1.3 billion – $701.1 million), industrial permit value decreased by 66.5% ($1 billion – $350.6 million), and institutional permit value decreased by 56.3% ($677.7 – $296.1 million). Likewise, the December total was relatively weak compared to the rest of the year. Interestingly however, the December total was still higher than the average total permit value from 2021 ($1.33 billion).
Quarterly Change (Q4 2022)
Compared to Q3, total ICI permit value was actually up 23% ($4.62 – $5.69 billion). This was led by a quarterly rise in industrial permit values of 61.5% ($1.13 – $1.83 billion). Values were also up 31% compared to Q4 2021 ($4.34 – $5.69 billion), once again led by the industrial sector, which experienced a massive increase of 111.7% ($863.1 million – $1.83 billion).
Year-To-Date (YTD)
Permit values were up compared to the end of year value in 2021. Total YTD values were up 18.1%, with the industrial sector experiencing the largest increase (66.1%).
Overall, permit activity cooled significantly compared to November and was below the monthly average for the year. However, quarterly and YTD values were up across the board with the industrial sector leading the way (as has often recently been the case). Despite the month-to-month slowdown, activity appears to be up overall when compared to 2021.
Notable Permits in 2022
- January: $102 million nursing home in North Bay
- April: Mining buildings in Greenstone, expansion of Runnymede Healthcare Centre in Toronto
- August: New school in Hamilton and new building for George Brown college in Toronto
- October: Multiple construction projects in commercial sector valued over $20 million and a $114 million sewer project in Erin.
- November: Toronto Courthouse permit valued at over $500 million and a $425 million permit for a manufacturing facility in Toronto
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FOR MORE INFORMATION, CONTACT:
Ali Ahmad
Research Analyst
Ontario Construction Secretariat (OCS)
180 Attwell Drive, Suite 360, Toronto, ON M9W 6A9
P 416.620.5210 ext. 222
aahmad@iciconstruction.com
