indicatorThe Owl

Construction intentions in Alberta up in final quarter of 2023

Only Alberta and New Brunswick posted increases in permit value

By Rob Roach, ATB Economics 6 February 2024 1 min read

The value of building permits issued in Alberta rose 19% in the fourth quarter despite pulling back by 3% in December.*

Construction intentions were down across the board in December with the exception of single dwelling units which were up by 15% and posted their fifth consecutive monthly increase.

Of Alberta’s four Census Metropolitan Areas, only Calgary saw an increase in permit value in December (+1%). Permit value was down by 17% in Edmonton, by 15% in Lethbridge and by 45% in Red Deer.

The numbers were better on a quarterly basis with Calgary up by 8% in the fourth quarter, Edmonton by 26% and Lethbridge by 13%. Construction intentions in Red Deer fell by 25% due to a large pullback in the value of non-residential permits.

Nationally, it was a weak handoff into 2024 with permit value down by 14% in December and by 9% in the fourth quarter as both the residential and non-residential sectors pulled back on construction intentions.

Only Alberta (+19%) and New Brunswick (+1%) experienced an increase in permit value in the fourth quarter.

*All data in today’s Owl have been adjusted to account for regular seasonal variation.

Answer to the previous trivia question: Annual conventional oil production (including condensate) in Alberta was 25% higher in 2023 than in 2010 while annual oil sands production was 116% higher.

Today’s trivia question: Which is the largest concrete dam in the world?

The value of seasonally-adjusted building permits issued in Alberta came in at $4.45 billion the fourth quarter of 2023

The value of seasonally-adjusted building permits issued in Alberta came in at $4.45 billion the fourth quarter of 2023


Economics News

Subscribe and get a quick daily snapshot of what’s happening in Alberta’s economy

Need help?

Our Client Care team will be happy to assist.