School construction helps boost building permits in October
The value of building permits issued by Alberta municipalities increased by 10.2 per cent ($85.2 million) in October
By ATB Economics 1 December 2020 1 min read
After decreasing by 7.0 per cent in September, the seasonally adjusted value of building permits issued by Alberta municipalities* increased by 10.2 per cent ($85.2 million) in October, but was down by 5.2 per cent ($50.3 million) compared to the previous October.
The value of residential construction permits in the province rose by 4.3 per cent ($24.7 million) in October compared to September with the year-over-year value down by 1.2 per cent ($7.3 million). The month-over-month value of both single dwelling and multiple dwelling residential permits rose in October.
Non-residential permits spiked in October by 22.6 per cent ($60.5 million), but were still down by 11.6 per cent ($43.0 million) compared to the same month last year.
The monthly increase was entirely the result of a 153.7 per cent ($78.7 million) jump in the value of institutional and government building permits with school construction permits accounting for about two-thirds of the increase.
The value of commercial building permits was down in October by 13.1% ($5.5 million) while industrial permit value was off by 7.3 per cent ($12.7 million).
Year-to-date permit value was down across all construction categories. Ten months into the year, the hole in permit value left by the pandemic and slow economy was $948.2 million or about 9.9 per cent below where we were at the same point in 2019.
*Statistics Canada’s Building Permits Survey covers all Canadian municipalities that issue permits.
ANSWER to yesterday's trivia question: Not including the northern territories, which province had the highest average weekly earnings in Canada in September? Alberta had the highest weekly earnings at $1,204. The national average was $1,111.
Today’s question: As of October and on a year-to-date basis (i.e., comparing the first 10 months of 2019 to the first 10 months of 2020), which province was the farthest behind where it was last year with regard to the value of construction permits?