After falling to a nearly two-and-a-half-year low in April, construction intentions began to pick back up across Canada in May.
According to new data from Statistics Canada, the total value of building permits issued in May jumped 10.5% month-over-month to $10.5B. The increase was driven by the non-residential sector, which saw the total monthly value of building permits rise 14.2% to $3.7B.
Total value of building permits (seasonally adjusted), Statistics Canada
The commercial component accounted for much of the sector's growth, with construction intentions rising 45.8%, or $703.4M. The industrial component followed, albeit distantly, with permit values rising 1.8%, or $11.8M, on a monthly basis.
The increases were enough to offset the large loss in the the institutional component, which saw permit values fall 23.3%, or $251.3M, month-over-month in May.
Value of building permits for the residential and non-residential sectors, Statistics Canada
After two consecutive months of decline, the total value of residential building permits rose 8.5% to $6.8 billion in May.
The increase was driven by the multi-family component, with permit values rising 15.0% to $4.3B, while the single-family component marked a 1.3% loss, falling to $2.4B. More than 17,000 permits were issued for new multi-family units compared to just 3,800 for new single-family homes.
Statistics Canada
On a provincial basis, Ontario accounted for much of the growth in May -- permit values rose 16.3% month-over-month to $3.1B, led multi-dwelling permits issued in urban areas. The increase contributed to 45.8% of Canada's residential permit values in May.
The most significant growth rate was seen in New Brunswick, with residential permit values increasing 27.2%, or $22.2M, on a monthly basis. More modest gains were seen in Quebec (10.8% or $102.3M), Alberta (4.7% or $34.5M) and British Columbia (3.7% or $50.3M).
