Construction intentions edged up in July and stood near the multi-year peak reached in May.

After accounting for seasonality, the value of building permits issued in Alberta stood at $1.5 billion in July. This was $100 million (+7.1%) higher than June and was entirely on the back of a sharp increase in non-residential permits, which offset the second consecutive decline in residential permits.

Despite activity beginning to slow, both the number of issuances and inflationary pressures are pushing the value of permits significantly higher compared to levels seen at this point last year.

Year-to-date, total permits issued in Alberta were up by $1.2 billion (+15.3%) from the same seven-month period in 2021.

Meanwhile, with the second straight monthly decline, the value of building permits issued in Canada in July was sitting at its lowest level in six months.

Buoyed mainly by rising construction costs*, however, the value of national permits stood $9.2 billion (+12.6%) higher on a year-to-date basis.

*It is difficult to precisely isolate the role played by higher construction costs because there are also changes in the type and location of the proposed buildings that affect the overall value of permits.

Answer to the previous trivia question: Used goods are not included in the calculation of gross domestic product.

Today’s trivia question: True or false? Illegal goods and services are included in the calculation of gross domestic product.