April 15 2024: Rebound in ICI permit value

April 15, 2024

Permit value increased in each ICI sector from January to February, with substantial increases in the institutional sector.

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%).



Ali Ahmad
Research Analyst

Ontario Construction Secretariat (OCS)
180 Attwell Drive, Suite 360, Toronto, ON M9W 6A9
P 416.620.5210 ext. 222