February 17, 2012

Building permits in Ontario increase

TORONTO

The value of Ontario’s building permits has reached a near record high, according to the Province of Ontario.

December saw a large increase in the value of building permits issued in the province, reaching $2.9 billion, the second highest level on record.

Ontario’s construction industry employs 442,500 people and has gained 33,900 jobs over the last two years. Residential construction contributed over $41 billion to Ontario’s economy in 2010, reports the province.

The seasonally adjusted annual rate of housing starts in Ontario was 77,300 units in January — up from 69,600 units in December.

“The construction industry is helping to drive economic growth and providing good jobs across the province. Ontario’s economic recovery is already ahead of many other jurisdictions,” said Brad Duguid, Minister of Economic Development and Innovation, in a release.

In 2010, Ontario’s construction industry accounted for 5.2 per cent of Ontario’s Gross Domestic Product. There are 173 sky-scrapers being built in Toronto, the most in North America.

DCN NEWS SERVICES

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