Value of building permits in Canada increased 9.3% to $11.8 billion in February

Statistics Canada
April 10, 2024
Category: Finance & Economics
Region: Canada

Month over month, the total value of building permits in Canada increased 9.3% to $11.8 billion in February. The non-residential sector grew 12.3% to $4.7 billion due to the issuance of several major construction permits, while the residential sector increased 7.4% to $7.1 billion. Ontario (+21.7% to $5.0 billion) led the growth, with gains occurring across all components. On a constant dollar basis (2017=100), the total value of building permits was up 8.5% in February, following a monthly increase in January. The growth was mostly attributed to the industrial component, which increased 57.8% to $1.3 billion in February. The monthly growth in the non-residential sector in February was also supported by the increase in the institutional component (+18.2% to $1.3 billion). The total monthly value of residential permits increased 7.4% to $7.1 billion in February. Intentions for residential construction growth were divided between single-dwelling (+9.6%; +$248.2 million) and multi-dwelling (+6.0%; +$239.3 million) permits in February.

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