Building Permit Issuance Jumped 8.6% in February

Construction intentions across Canada continue to rise for both residential and non-residential sectors, as a number of provinces reported notable gains.

Data from Statistics Canada shows the total value of building permits rose 8.6% to $10.7 billion in February, with the residential side jumping 7.9% with the issuance of 22,900 new permits, while non-residential permits were up 9.8% t0 $4.2 billion. Among provinces with notable gains were Alberta and Ontario, where permit issuances increased 25.6% and 10.7%, respectively.

Building intentions for multi-unit dwellings sharply rose 13.6% thanks to a number of high-value permits in Ontario, whilst construction intentions for single-family homes rose by a modest 0.5%. Statistics Canada reported that gains across the industrial sector totalled 42%, which offset a 7.6% decline in permit issuance for commercial buildings.

Information for this briefing was found via Statistics Canada. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.