TORONTO — The latest newsletter from the Ontario Construction Secretariat reports Ontario building permit values increased from September to October by 46 per cent, from $1.08 billion to $1.58 billion.
The December newsletter reviews recent data from Statistics Canada.
The commercial sector led the way with an increase of 62.9 per cent ($565- to $920.2 million); according to Statistics Canada, multiple commercial projects were valued over $20 million.
Industrial permit values increased by 31.9 per cent ($331.7- to $437.5 million), largely due to a $114-million permit for a sewage project in Erin.
Institutional permit values rose by 21 per cent ($186.6- to $225.9 million).
Year-to-date (YTD) building permit values in the industrial sector were higher in January to October 2022 compared to the same timeframe in 2021, whereas YTD commercial and institutional building permit values remained relatively stable.
While monthly building permit values rebounded slightly from the decrease experienced in September, YTD values were up 12.1 per cent, led by the industrial sector (up 54.6 per cent). The newsletter suggested the data was an indicator of a potential rise in industrial construction compared to last year.
From October to November, the labour force shrank slightly from 608,400 to 601,400. While this is the lowest level since June, it remains close to the numbers seen in May (601,100).
Employment also dropped slightly in November, decreasing from 592,100 to 586,500. While this is the lowest level from June-November, it remains higher than employment numbers from January to May.
Despite lower employment, the unemployment rate fell slightly from 2.7 to 2.5 per cent due to the drop in the labour force. Overall, the unemployment rate has been relatively stable since July, but far lower than it was at the start of the year.
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