Construction intentions take a breather in Alberta
The monthly drop was due to non-residential permits retreating after a sizable gain in January
By Siddhartha Bhattacharya, ATB Economics 5 April 2022 1 min read
The seasonally adjusted value of building permits issued in Alberta fell by $21 million (-1.7%) in February.
The monthly drop was due to non-residential permits (-9.8%), which retreated after a sizable gain in January as the value of commercial permits dropped by $61 million (-16.5%) and overshadowed minor upticks in commercial and governmental permits.
Meanwhile, residential permits rose by $26 million (+3.4%) with the value of issuances in Calgary driving over half of this increase.
On an unadjusted basis, the total value of Alberta’s building permits were $125 million (+6.8%) higher through the first two months of the year, relative to where things stood at the same point in 2021.
Meanwhile, the story was more upbeat elsewhere in the country. After accounting for seasonality, total building permit value grew by $2.2 billion (+21.0%) in Canada and climbed to the highest level on record. With the exception of Alberta and Saskatchewan, every province posted gains with British Columbia responsible for 84% of the aggregate jump in February.
Answer to the previous trivia question: In December 2021, there were 1,300,633 businesses with employees in Canada. Businesses are categorized as employer or non-employer depending on whether they have paid employees for whom payroll deduction remittances were filed with the Canada Revenue Agency at any point in the previous 12-month period.
Today’s trivia question: What is the oldest building in the world that is still standing (where a building is defined as a structure with a roof and walls that was meant to be used by living people)?