Statistics Canada reported Tuesday that Canadian municipalities issued building permits worth $6 billion in February, a 1.7 percent increase from January. Higher construction intentions in the non-residential sector in eight provinces more than offset a decline in the residential sector. Despite February's advance, the total value of building permits has been trending downwards since late 2012.
With gains in all three components, the value of permits in the non-residential sector increased 18.9 percent to $2.4 billion, following three months of declines. Non-residential construction intentions rose in every province except New Brunswick and Nova Scotia. However, after an upward trend in mid-2012, the total value of non-residential building permits has been relatively flat since fall 2012.
Construction intentions in the residential sector fell 7.2 percent to $3.6 billion in February, the ninth decrease in 12 months. Residential construction intentions have been pursuing a downward trend that began in mid-2012. An increase in construction intentions for single-family dwellings was not enough to offset widespread declines in construction intentions for multi-family dwellings.