Construction outlook deteriorated in September
The value of both residential and non-residential permits pulled back in September
By Rob Roach, ATB Economics 3 November 2022 less than a minute
After pulling back by 9.2% in August, the seasonally adjusted value of building permits issued by Alberta municipalities* was down by 11.9% ($160 million) in September.
Residential permit value was down by 14.1% ($131 million) while non-residential construction intentions fell by 7.0% ($29 million).
It was a similar picture nationally, with permit value falling by 17.5% with construction intentions lower in both the residential (-15.6%) and the non-residential (-21.5%) sector.
Adjusting for inflation, year-to-date permit value in Alberta was down by 6.1% over the first nine months of 2022 compared to the same period in 2021. Residential permits were down by 7.8% and non-residential by 3.5%.
*Statistics Canada’s Building Permits Survey covers all Canadian municipalities that issue permits.
Answer to the previous trivia question: Banff and Jasper are the two most popular national parks with annual attendance from April 2019 to March 2020 of 4.1 million and 2.5 million, respectively.
Today’s trivia question: When did Alberta’s Royal Tyrrell Museum of Palaeontology open?