Construction activity on the rise in November
Growth in residential permit value helped offset a decline in non-residential intentions
By Siddhartha Bhattacharya, ATB Economics 10 January 2023 1 min read
According to new data from Statistics Canada, construction intentions in Alberta have ticked up for the first time since July.
The seasonally-adjusted value of building permits issued by Alberta municipalities* increased by $52.5 million (+4.5%) to reach $1.2 billion in November.
The aggregate gain was entirely the result of residential permits, the value of which jumped $83 million (+10.4%) on the back of strong permits for both single dwelling buildings and multiple dwelling buildings.
The growth in residential permits helped offset the fourth consecutive monthly decline in non-residential permit value, which was down by 8.1%.
Residential construction activity in Alberta remains on relatively solid footing despite the rise in borrowing costs and ongoing supply chain and labour supply challenges.
Over the first eleven months of 2022, the number of residential building permits issued in Alberta was up by 12.2% compared to a drop of 8.9% nationally.
*Statistics Canada’s Building Permits Survey covers all Canadian municipalities that issue permits.
Answer to the previous trivia question: India’s population will surpass China’s this year.
Today’s trivia question: When was the earliest known building code put in place?