Employment Up, Unemployment Down in June; Permit Value Increases Modestly: OCS
A recent economic report by the Ontario Construction Secretariat revealed that employment increased from May to June, coming in just below record high levels.
According to the report, the unemployment rate decreased from 4.6 per cent to 3.5 per cent. Total permit value increased by 31.8 per cent, primarily led by the commercial sector.
The report noted that from May to June, employment increased from 612.6 thousand to 618.2 thousand, which is just under the all time high of 620.6 thousand from July 2022.
On the other hand, the labour force shrank slightly from the record number of 641.9 thousand to 640.6 thousand.
The report also noted that while it isn’t unusual to see a lower number during the summer months, the unemployment rate decrease is relatively low.
The overall Ontario unemployment rate came in at 5.7 per cent, down from 5.9 per cent in May, according to the report.
Total ICI permit value was up by 31.8 per cent from April to May which is mainly due to the rebound in commercial building permit value, the report noted.
Industrial permit value increased by about 10 per cent, a relatively minor change for this sector. Institutional permit value declined by 34.3 per cent, however, putting it back near the level from March.
According to the report, the overall ICI building permit value was up around 28 per cent compared to the same time last year.
The largest percentage increase was in the commercial sector at 41.6 per cent.