The total value of construction permits roared over the $60 billion mark for the first time following a record month in December, Statistics Canada said today.
In fact, several monthly and annual records were broken.
Contractors took out a record $60.7 billion worth of building permits last year, 9.3% higher than the previous high of $55.6 billion issued in 2004.
StatsCan added that the level for December alone hit a record $6.3 billion.
The annual level of permits has now increased for 10 consecutive years.
The government agency said construction intentions for the year reached new peaks in every province except Newfoundland and Labrador, Quebec and Manitoba.
Last year’s surge was due primarily to record investment projects in the non-residential sector, which amounted to $22 billion, up 17.6% from the $18.7 billion issued in 2004.
Non-residential permits rose in every province, except Quebec and Manitoba, but it was the vigorous economies of Alberta and British Columbia that fuelled most of the gain. If these two provinces were excluded, the annual value of non-residential permits would have risen only 3.3%.
In the housing sector, the value of permits rose 5.1% to $38.7 billion in 2005, fuelled by strong demand for new multi-family dwellings. The value of single-family permits remained almost unchanged. Again, Alberta and British Columbia were behind this increase, as the value of residential permits fell 1.5% in all other provinces and territories combined.
The demand for new housing remained strong. Municipalities authorized the construction of 238,830 new dwelling units last year, down a slight 1.1% from 2004, but still the second highest number since 1987.
Regionally, double-digit growth was recorded in the total value of permits in every metropolitan area in the three westernmost provinces. Annual gains in Calgary, Edmonton and Vancouver greatly surpassed increases in all other metropolitan areas, thanks to strong increases in both residential and non-residential components.
Building boom continues in December
Value of building permits hits record $60.7 billion in 2005
- By: IE Staff
- February 6, 2006 February 6, 2006
- 09:40