December 12, 2023
SUMMARY
Total ICI permit value in October was up by 45.2% over the previous month, largely due to rebounding institutional sector permit value.
PERMITS
Monthly Changes
From September to October, total ICI permit value was up 45.2% ($1.40 billion – $2.04 billion). This was thanks to a significant rebound in the institutional sector, where permit value skyrocketed from $212.5 million to $832.6 million; this is a monumental 291.8% change. The largest permit issued was for the construction of a new hospital wing in Toronto. Commercial permit value decreased 4.3% ($761.2 million – $728.2 million). Industrial permit value increased modestly from $430 million to $477 million (+10.9%).
YEAR-TO-DATE
Overall year-to-date ICI permit value was up 29.0% compared to the same time last year. Unsurprisingly, the largest percentage increase was in the institutional sector with a massive 85.8% increase.
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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
