Building Permits -- up after three bad months

Just when Canadians seem to have given up on the construction industry (I exaggerate for effect) numbers for the October 2011 shows a 11.9% increase in building permits, most of it in the non-residential sector (up 32% -- "Chinese like" growth really).

Total value of permits

A break down by segment

Residential and non-residential sectors

The bulk of the growth was in Ontario, where the economy seems to be on firm footing. Last week's disastrous employment numbers (down 32,000) was 175% attributable to Quebec which saw a 57,000 reduction in employment. Indication again, that Ontario's economy seems to be on an even keel. Moreover, since the bulk of the permitting relates to non-residential projects an indication that this building "boom" is driven by industrial demand.

Good news indeed!

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