GTA Construction Report staff writer
The Ontario Construction Secretariat (OCS) reports that total industrial, commercial and institutional (ICI) permit values in the GTA increased by 27 per cent in the fourth quarter of 2017 year over year, reaching $2.010 billion.
The successful fourth quarter brought the GTA’s overall ICI permit totals to the highest level ever, surpassing $8 billion for the first time.
Industrial permit values increased by nearly five fold from Oct. 1 to Dec. 31, accounting for the sector’s highest proportion of the region’s total ICI permit values in a single quarter since the first quarter of 2003 and reaching $553.8 million
Meanwhile, OCS says commercial permits increased by eight per cent in the fourth quarter year over year, while institutional permits declined by 27 per cent to $269.6 million.
Through the year, industrial permit values had the biggest percentage increase in the GTA, up 82 per cent overall for the year.
Institutional permit values increased by 37 per cent, despite the significant decline in the fourth quarter. The GTA’s commercial permit values had the smallest increase, up 14 per cent.
The report covers Ottawa, Oakville, and Durham, Peel and York regions.