July 15, 2024
SUMMARY
Total non-residential permit value rose by 34.7% from April to May and 27.9% y/y, propelled by significant rebound in the commercial sector value, which increased by 68.5%.
PERMITS
Total ICI permit value shot up from $1.75 billion (B) in April to $2.36B in May (+34.7% m/m). The increase stemmed mostly from the commercial sector, where permit value significantly rebounded from $789.6M to an astounding $1.33B (and a massive +68.5% m/m increase). This is second highest permit value on record (in current dollars); September 2020 was only slightly higher at $1.35B. Industrial building permit value also increased significantly, from $349.9M to $579.9M (+65.7% m/m). The institutional sector however, posted a -27% m/m decline from $609.9M to $445.4M. Year-to-date permit value changes were positive across the board, with the industrial sector changes finally flipping into positive territory after a string of lower YTD values (albeit at a small +2.3%).
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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
