Building permits were up in November
Alberta drove the majority of the national increase in construction intentions
By Siddhartha Bhattacharya, ATB Economics 6 January 2022 1 min read
The seasonally adjusted value of building permits issued in Alberta jumped 21% and drove over 30% of the overall increase in Canada in November.
Non-residential permits nearly doubled in value as commercial permits surged 140% to a 5-year high and dwarfed a 13% drop in institutional and governmental permits.
Meanwhile, residential permit value fell 7% after back-to-back gains post August, largely due to a pullback in multiple-unit dwellings.
Despite the monthly drop, residential permit value remained up 8% compared to a year ago. On the other hand, non-residential permits posted a solid 65% increase relative to last November.
Over the first 11 months in 2021, the (unadjusted) value of total building permits stood 35% above the same period in 2020.
Nationally, construction intentions were up 7% with growth in 7 out of 10 provinces, led by big gains in Alberta, Quebec and British Columbia. The value of permits issued in every province was higher over the first 11 months of 2021 relative to the same period in 2020, with the exception of Newfoundland and Labrador.
Answer to the previous trivia question: The Petroleum Administration for Defense Districts (PADDs) are geographic aggregations of the 50 States and the District of Columbia into five districts: PADD 1 is the East Coast, PADD 2 the Midwest, PADD 3 the Gulf Coast, PADD 4 the Rocky Mountain Region, and PADD 5 the West Coast.
Today’s trivia question: All other things being equal, what happens to the unemployment rate of a region if more people start looking for jobs?