April 15, 2024
SUMMARY
Permit value increased in each ICI sector from January to February, with substantial increases in the institutional sector.
PERMITS
Monthly Changes
Total ICI permit value increased a substantial 47.3%, from $1.37 billion in January to $2.01 billion in February. Increases were seen across all sectors, but the institutional sector jumped significantly from $215.5 million to $665.8 million, rising a staggering 208.9%. Permit value in the commercial sector was up 14% ($660.6 million to $752.8 million). Industrial permit value increased 21.3%, going from $491.4 million to $595.9 million. The industrial component increase was partly due to permits for a new battery plant in Windsor.
Year-over-year (y/y) change in total ICI permit value was similar in magnitude at 42.8%. As we would expect, based on its large monthly change, institutional permit value was up a massive 151.6% y/y ($264.6 million in February 2023). Commercial permit value was up 39.5% versus February 2023 ($539.8 million). The industrial sector, which normally increases year-over-year, was down -1.7% y/y (previously $606.5 million).
Year-to-date (YTD)
YTD permit value was up across all sectors, with the largest change coming from the institutional sector (65%).
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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
