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April 10, 2018BUILDING PERMITS, FEBRUARY 2018
The value of building permits issued in Nova Scotia edged up 0.2 per cent in February, following a (revised) 14.5 per cent decline in January. Residential permits increased 34.2 per cent and non-residential building permits decreased 37.9 per cent. Monthly results for building permits are highly volatile; the six-month moving average of residential permits trended modestly upwards through 2017 but has been declining in recent months. The non-residential permits' six-month moving average has remained flat since mid-2017.
The trend in Nova Scotia building permit values particularly reflects the trends in the Halifax market. The value of Halifax building permits increased 2.2 per cent in February, reflecting a rise in residential (53.3 per cent) permits and a decline in non-residential (-39.2 per cent). The six-month moving average for residential permits in Halifax rose from mid-2016 through 2017 but has declined in recent months. Non-residential permits in Halifax have recently peaked and are now trending down.
Outside the Halifax market, building permit values declined 2.3 per cent in February, reflecting a 35.5 per cent decline in non-residential permits and a 17.8 per cent increase in residential permits.
Comparing the first two months of 2018 with the same period last year, the value of Nova Scotia building permits was down 33.9 per cent. This reflects a 41.8 per cent decline in residential building permits and a 15.5 per cent decline in non-residential permits. The decline in non-residential building permits is a result of declines in institutional and government permits (-82.9 per cent) partially offset by increases in industrial (+57.6 per cent) and commercial (+3.2 per cent) permits. Halifax building permits were down 38.1 per cent over January and February 2017, while building permits declined outside of Halifax by 27.9 per cent.
In January and February 2018, the number of dwelling-units created in Nova Scotia was down 372 units over the same period in 2017. Multiples were down across the province, while singles were up in Halifax and down in the rest of the province.
Nationally, residential building permit values were on an upward trend in 2016 but have levelled off since early 2017. Residential building permits decreased 0.3 per cent in February. Non-residential building permit values had been trending upward in 2017 after declining through 2015 and 2016 but have peaked in recent months. Non-residential building permits increased 6.6 per cent in January.
Comparing the first two months of 2018 with the same period in 2017, Prince Edward Island had the largest gains (+82.1 per cent) in residential permits followed by Newfoundland and Labrador (+25.3 per cent). Nova Scotia posted the largest decline over this period.
In the first two months of 2018, Newfoundland and Labrador had the largest gains (+189.4 per cent, influenced by a particularly active non-residential construction sector in January 2018) in non-residential building permits while New Brunswick showed the largest decline (-55.3 per cent).
Total building permits were up in five provinces in the first two months of 2018, with Newfoundland and Labrador (+71.6 per cent) and Prince Edward Island (+60.9 per cent) reporting the largest gains (in percentage terms). Nova Scotia, New Brunswick, Manitoba, and Saskatchewan reported declines.
Starting with the reference month January 2018, Statistics Canada has changed how they report building permits. CANSIM Tables 026-0001, 026-0008 and 026-0010 have been combined into 026-0021 which now include data on type of structure and type of work. Statistics Canada no longer report building permits by economic regions, which were previously reported in the DailyStats. There was only one conceptual change regarding the classification of “cottages” based on the permit value, which does not affect how the DailyStats reports single dwelling units.
Sources: CANSIM 026-0021
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