- Prior was -7.0% (revised to -6.3%)
- Non-residential permits +18.0% to C$5.2B
- Residential permits +7.5% to C$7.7B
Details:
- Ontario (+25%) leads gains in both residential and non-residential sectors
- Institutional building booming: +85.9% m/m, driven by healthcare facilities
- Gains in the institutional component (+$824.9 million). However, industrial (-$17.6 million) and commercial (-$9.9 million) construction intentions edged down.
- Industrial permits remain elevated after major battery plant project in St. Thomas, ON
Overall permits were the second-highest level since the start of the new series in January 2017 but it's more of a one-off around government spending than anything related to the economy. Ontario's institutional component received big contributions from construction for long-term care facilities across the province and a hospital permit in Prince Edward County.
Residential building is holding up on the multi-family side as the pipeline of condos continues to work its way through but single-family has flatlined.
