JANUARY 2017 – BUILDING PERMITS UPDATE
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Eastern Ontario’s total ICI permit values increased by only 4% compared to Q3 last year. This slight increase masks the fact that Eastern Ontario’s ICI sector has performed well most of the year. Ottawa had a very active summer, especially the commercial sector. Ottawa’s commercial sector bas been driving Eastern Ontario’s ICI industry all year and set record highs in July and August. In July and August, Ottawa’s commercial permit values were $107 million and $126 million respectively, but fell off dramatically to $36 million in September. This drop had a significant impact on overall ICI permit numbers in the region, leading Ottawa to its lowest monthly total for ICI permit values in the past 17 months. Led by the commercial sector, Eastern Ontario’s total ICI permit values for the first three quarters amounted to $1.3 billion, and in Ottawa alone, permit values surpassed $1 billion before the 4th quarter for the first time.
Eastern Ontario’s industrial permit values rose 24% in the third quarter compared to last year. Ottawa’s LRT project continued to drive the industrial sector as it has done all year. In just the first three quarters of 2016, industrial permit values in Eastern Ontario have already surpassed the total of any previous full calendar year.
The only sector in Eastern Ontario that did not experience third-quarter permit value growth was the institutional sector. Institutional permit values in Eastern Ontario declined for a second consecutive quarter, down 8% compared to Q3 last year. So far this calendar year institutional permit values have amounted to about $250 million, less than half of their value at this point two years ago. Institutional construction starts in some sectors are expected to increase in 2017 according to the CMD Group forecast. Government office starts are forecasted to increase by 74% and educational starts by 46%.
The Eastern Region includes: Ottawa, Kingston, and Belleville
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FOR MORE INFORMATION, CONTACT:
Ian Worte
Research Analyst,
ianw@iciconstruction.com
Ontario Construction Secretariat (OCS)
180 Attwell Drive, Suite 360, Toronto, ON M9W 6A9
P 416.620.5210 ext. 241
F 416.620.5310