February Building Permits Break $10 Billion Mark

The total value of building permits issued in February broke the $10 billion mark for the first time, as a jump in the non-residential sector more than offset the decline in the residential sector, says Statistics Canada. The non-residential sector jumped 14.2 per cent to $3.3 billion in February with all three components posting gains. Despite the large jump in this sector, the level remained about 13 per cent below the peak reached in April 2019. Institutional permits saw their largest value increase since June 2020, as the total for this component climbed $226 million to $1 billion. The commercial component increased 11.4 per cent to $1.7 billion, the highest value since September 2020. Municipalities also issued permits worth $544 million for industrial buildings in February, up 1.9 per cent from the previous month. Seven provinces recorded a rise in this component, led by Ontario. Residential construction intentions decreased 2.9 per cent to $6.8 billion in February, following a record month in January. Declines in six provinces, including Ontario (23.9 per cent) and Alberta (39.2 per cent), pulled this component lower at the national level, with the total dropping 4.9 per cent to $3.3 billion.