Statistics Canada reported Monday that municipalities issued building permits permits worth $4.53 billion in July, up 3.3% from June and just shy of the monthly record of $4.59 billion in January.

The torrid pace of permits set a new record for the first seven months of the year. Permits for housing in July hit $2.78 billion, up 4.7% from June and just short of the monthly record of $2.80 billion set in January. The value of non-residential permits grew 1.1% to $1.8 billion, its highest level since January. The major factor was a 56.7% leap in industrial permits.

Fuelled by very low mortgage rates, a favourable job market and income growth, said StatsCan, these gains will likely keep the building sector humming for months. According to July’s Labour Force Survey, more than 933,000 Canadians were employed in construction, up 1.1% from the previous month and 5.4% higher than for the same month last year.

“On balance, today’s residential building permits supports upside risk for tomorrow’s housing starts release,” RBC Financial said. “Consensus expectations peg August housing starts at 210,000. But while housing starts remain at elevated levels, there are increasing signs that a peak has been reached in new construction activity. The most visible sign is a shift in the composition of growth, now centered predominantly in the more volatile multi-family sector.”