Driven by a large pullback in non-residential intentions, the seasonally-adjusted value of building permits in Alberta came in at $1.1 billion in April, down 12.0% from March and 14.6% lower than in April 2022.

Residential intentions fell by 1.8% ($13.4 million) compared to March while non-residential permit value went down by 28.0% ($131.8 million).

The year-over-year numbers for residential permits were off by 13.1% ($109.9 million) and by 17.7% ($72.9 million) in the non-residential sector.

Nationally, permit value was down by 18.8% ($2.2 billion) on a monthly basis and by 19.6% ($2.3 billion) compared to 12 months earlier.

Although both national residential and non-residential permit value fell, it was a 34.6% drop ($1.8 billion) in non-residential intentions that drove most of the pullback in April. The drop in non-residential permit value came after a record high set in March.

Saskatchewan was the only province to post a monthly uptick in permit value (+1.7%).

Muted activity in the construction sector is expected as higher interest rates continue to weigh on the economy.

Answer to the previous trivia question: Alberta’s Cold Lake has a maximum depth of 99 metres.  

Today’s trivia question: In 2011, US toy maker Mattel announced an agreement to acquire the owner of the Bob the Builder brand. What was the value of the deal?