Canadian Construction Industry Recovering
New data shows the value of building permits issued in Canada increasing for a fourth consecutive month, signalling a recovery in the country’s construction sector after a decline in late 2012.
A Statistics Canada report released this week shows that permits worth $7.0 billion were issued in April, 10.5 percent more than in March.
Much of the increase came from an increase in the value of multi-family dwelling residential permits issued, which at $2.1 billion in April, was a staggering 51.9 percent more than in March.
The development is welcome news to the Canadian construction sector, particularly condo builders, which saw a sharp decline in issued permit values, from a peak of $7.5 billion in October 2012 to a low of $5.7 billion in December 2012.
Among the provinces, British Columbia saw the biggest increase in the value of permits issued, reaching $978.3 million in April, 40.4 percent more than in March.