The value of building permits issued by Alberta’s municipalities rose by $87 million in October to $1.6 billion, according to new figures released by Statistics Canada. The increase from September was due in large part to the rise in the value of residential projects in our province.
After a small drop in September, residential permits rebounded and rose by eight per cent across our province in October. Since 2013, future spending by Alberta’s homebuilders has increased by almost the same amount (seven per cent). The jump in the total value of Alberta’s housing sector can be attributed to sustained demand from new provincial migrants.
Permits for commercial projects picked up in October as well, where the total value of business-related building permits increased by $25 million (or by five per cent). Over the last twelve months, the total value of future construction spending in Alberta has increased by almost six per cent.
Calgary’s housing sector continued to grow at a furious pace which helped lift the value of Alberta’s residential projects higher in October. The total value of housing permits in Alberta’s largest city grew by $44 million (+11 per cent) from September. Meanwhile, Edmonton’s biggest gains were made in the non-residential sector where the total value of commercial permits increased by $72 million (+37 per cent) from one month earlier. Additionally, Edmonton held almost half the value of all non-residential permits issued in our province in October.
** Article courtesy of Todd Hirsch of ATB Financial. Thanks Todd!!
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