Building Permits on Downturn in December

There was not as much building going on in this country last month, according to figures released Thursday by Statistics Canada.

The agency reported the total value of building permits decreased 4.1% to $9.1 billion in December, following a month during which several high value permits were issued. Declines were reported in every component except single-family dwellings. Gains in seven provinces, led by Newfoundland and Labrador, were largely offset by a significant decrease in Ontario.

All three non-residential components—commercial (down 9.0%), industrial (-24.4%) and institutional (-6.1%) buildings—reported declines as the overall sector fell 10.8% to $2.7 billion in December.

Four provinces recorded a decrease in the value of non-residential permits. Ontario (-30.5%) posted the largest decline, following a significant increase in the province in the previous month.

Read:

• Beverages Could Become One of the Biggest Segments in the Cannabis Industry

• How Biotech Developers Are Working Towards New Diagnostic Solutions to Help Combat Covid-19

• These Are the Reasons Investors Are Still Bullish on Gold

• Green Tech Could Create The First Trillionaire

But the news was not all bad, not by a long shot. Single-family homes rose 7% to $3.1 billion, surpassing the previous record of $2.9 billion set in October 2016. Six provinces posted gains in this component, led by Ontario (up 6.8%) and Quebec (+11.1%).