Rebound in ICI permit value: OCS

A recent economic report by the Ontario Construction Secretariat (OCS) revealed that permit value increased in each ICI sector from January to February, with substantial increases in the institutional sector.

According to the report, total ICI permit value increased a substantial 47.3 per cent, from $1.37 billion in January to $2.01 billion in February. Increases were seen across all sectors, but the institutional sector jumped significantly from $215.5 million to $665.8 million, rising a staggering 208.9 per cent.

The report noted that permit value in the commercial sector was up 14 per cent while industrial permit value increased 21.3 per cent, going from $491.4 million to $595.9 million. The industrial component increase was partially due to permits for a new battery plant in Windsor.

Year-over-year change in total ICI permit value was similar in magnitude at 42.8 per cent, according to the report.

The report noted that as one would expect, based on its large monthly change, institutional permit value was up a massive 151.6 per cent year-over-year. Commercial permit value was up 39.5 per cent versus February 2023. The industrial sector, which normally increases year-over-year, was down -1.7 per cent year-over-year.

The report also noted that YTD permit value was up across all sectors, with the largest change coming from the institutional sector (65 per cent).