Tuesday, November 10, 2009

Calgary's October building permit values way up

October’s permit-application activity was booming compared to last year and the five- and ten-year average according the director of Development and Building Approvals with The City of Calgary.

“Permit activity remains strong in a number of sectors. As well, this month shows significant gains when compared to October of 2008 when we experienced a significant slowdown in permit activity,” said Stan Schwartzenberger. “This is very encouraging news.”

The estimated construction value of building permit applications for the month of October 2009 was $532 million - more than double October 2008 ($248 million) and up 19 per cent compared to the five-year average (October 2005-2009; $449 million) and up 64 per cent compared to the ten-year average (October 2000 to 2009; $325 million).

Schwartzenberger said that building permits are a barometer of intentions in the construction industry and are not actual construction starts.

Residential values for the month of October are up 123 per cent to $164 million compared to the same period last year, led by $131 million in new single family construction, which represents 525 new residential dwelling units.

Non-residential values for the month are also up compared to the same period last year - 111 per cent to $367 million, led by $283 million in new institutional spending including the new $117.6 million Bow Valley College South Campus, SAIT’s Trades and Technology complex or Centre Wing ($104.7 million) and the new $61.1 million SAIT Trades and Technology complex or West Wing.

The strong October values have significantly closed the year-to-date gap compared to the previous year, with total permit values down 14 per cent to $2.9 billion compared to $3.4 billion in 2008.

“At the end of September, permit values were down 24 per cent year-to-date. In the span of one month, that gap has closed to 14 per cent,” said Schwarzenberger commenting on the October spike in estimated construction values

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