The value of building permits surged to their highest level ever in January, passing the $6 billion mark for the third time in four months on the strength of huge gains in the value of residential and non-residential permits, Statistics Canada said today.
The government agency predicts a busy spring on construction sites as builders took out a record $6.3 billion in permits in January, 11.3% more than in December.
Both industrial and institutional building permits surged in Ontario as the value of non-residential permits increased 19.3% to a record $2.6 billion in January.
The value of residential building permits rose 6.3% to $3.7 billion after two monthly declines, the third-highest monthly level on record with increases in both single-and multi-family components.
Provincially, the largest dollar gain occurred in Ontario, where municipalities approved $2.6 billion worth of permits in January, thanks to new record highs in both the residential and non-residential sectors.
The value of building permits fell in six provinces, however, with the biggest dollar decline coming in Alberta, where a large drop in commercial and industrial permits more than offset a gain in the housing sector.
Value of building permits surges to record high in January
Huge gains in the value of residential and non-residential permits
- By: IE Staff
- March 6, 2007 March 6, 2007
- 10:10