A recent economic report by the Ontario Construction Secretariat (OCS) revealed that total non-residential permit value rose by 34.7 per cent from April to May and 27.9 per cent year-over-year, propelled by significant rebound in the commercial sector value, which increased by 68.5 per cent.
According to the report, total ICI permit value rose from $1.75 billion in April to $2.36 billion in May. The increase came mostly from the commercial sector, where permit value significantly rebounded from $789.6 million to $1.33 billion.
The report noted that this is the second highest permit value on record and that September 2020 was only slightly higher at $1.35 billion.
Industrial building permit value also increased significantly, according to the report, from $349.9 million to $579.9 million. The institutional sector posted a -27 per cent month-over-month decline from $609.9 million to $445.4 million.
The report noted that year-to-date permit value changes were positive across the board, with the industrial sector changes flipping into positive territory after a string of lower year-to-date values.
