July 13, 2023
SUMMARY
Employment increased from May to June, coming in just below record high levels. The unemployment rate decreased from 4.6% to 3.5%. Total permit value increased by 31.8%, primarily led by the commercial sector.
EMPLOYMENT
From May to June, employment increased from 612.6 thousand to 618.2 thousand. This is just under the all time high of 620.6 thousand from July 2022. On the other hand, the labour force shrank slightly from the record number of 641.9 thousand to 640.6 thousand (second highest on record).
The unemployment rate to decrease from 4.6% to 3.5%. This is a relatively low unemployment rate, though it isn’t unusual to see a lower number during the summer months. The overall Ontario unemployment rate came in at 5.7%, down from 5.9% in May.
PERMITS
Monthly Changes
Total ICI permit value was up by 31.8% from April to May ($1.37 – $1.8 billion). This was mainly due to the rebound in commercial building permit value ($537.7 million – $1.15 billion). Industrial permit value increased by about 10% ($246.8 – $271.8 million), a relatively minor change for this sector. Institutional permit value declined by 34.3% ($583.5 – $383.4 million), putting it back near the level from March.
YEAR-TO-DATE
Overall ICI building permit value was up around 28% compared to the same time last year. The largest percentage increase was in the commercial sector at 41.6%.
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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
