On Monday (4-4-22), Statistics Canada (StatsCan) reported that the total value of building permits climbed 21.0% in February, with British Columbia leading the way with a 130.2% increase. On a constant dollar basis (2012=100), the total value of building permits increased 22.1% in February.
At the national level, residential sector construction intentions rose 9.8% to $7.5 billion (CAD) with nine provinces reporting gains. Gains in multi-family permit values in British Columbia (+57.9%) reversed January’s decline and contributed to the 18.5% increase at the national level, along with the gains in seven other provinces. The total value of single-family home permits rose 1.5% in February. Seven provinces reported increases.
The total value of non-residential sector building permits in February surged 43.2% to $4.9 billion. The increase reflects two large hospital projects, one in Vancouver and the other in Quebec. The value of commercial permits gained 5.6% in February at the national level, with six provinces reporting increases. A $112 million Wawanesa Insurance office headquarters project caused the value of commercial permits in Manitoba to jump 337.4%. The total value of industrial building intentions fell 27.9% mostly due to declines in Quebec (-44.8%) and Ontario (-28.8%).
FEA compiles the Wood Markets News from various 3rd party sources to provide readers with the latest news impacting forest product markets. Opinions or views expressed in these articles do not necessarily represent those of FEA.