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New Report: Despite a slow 2012, the Canandian construction industry is set to grow in 2013
A slowdown in the Canadian economy in 2012 and government measures to limit household debt decelerated the construction industry’s growth.
According to Statistics Canada, the number of housing starts increased from 193,950 units in 2011 to 214,827 units in 2012. Ontario recorded the largest number of housing starts in 2012 at 76,742 units, followed by Quebec with 47,367 units and Alberta with 33,396. The total value of building permits continued to increase in the first five months of 2013. Building permits for single-family dwellings rose by 4.4% in May 2013, reaching CAD2.3 billion (US$2.3 billion), the fourth increase in five months.
Advances were posted in eight provinces with Ontario, Alberta and Quebec accounting for most of the gain. Building permits for multi-family dwellings recorded a third consecutive monthly increase, up to 4.0% to CAD2.2 billion (US$2.2 billion) in May following a 51.2% advance in April. While the trend is moving upwards, the total value of residential building permits issued in January-May 2013 remains lower than the value of permits issued in same period in 2012 by 1.6%.
Residential construction was the largest market in Canada in 2012, valuing CAD111.9 billion (US$113.2 billion) and accounting for a 39.8% share. The market recorded a significant decline of 18.6% in 2009. However, a strong economic recovery after the economic crisis supported the growth of housing construction in Canada from 2010 to early 2012. A slowing economy in the later part of 2012 and tightened mortgage rules led to a deceleration in housing demand and construction. Construction activity is expected to pick up by the end of 2013 and over 2014, as economic and employment growth support the residential construction market.
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