Fresh stats from Statistics Canada are spelling out great news for Calgary’s residential sector! The value of building permits in March is significantly higher than in previous years.

Permits for the month were $457.7 million in the Calgary census metropolitan area. That’s an increase of 33.3 per cent from March 2011.

Things were looking good for all of Alberta, with permits totaling $1.2 billion, an annual gain of 37.5 per cent. Residential numbers were up to $698.3 million, an increase of 22.7 per cent from last year.

Todd Hirsch, senior economist with ATB Financial, told the Calgary Herald that an increase in building intentions are a great indicator of sunny economic conditions, and where activity can be found.

“In Alberta, the solid building permit data add to the general optimism in the province around the economy,” Hirsch said.

“The rivalry between Alberta’s two largest cities also seems to be heating up. Five years ago, Calgary was clearly in the driver’s seat with building permits nearly double those in Edmonton. However, that gap has closed and now the two cities are neck-and-neck in the race for construction activity.”

Where do you think is the place to be in Alberta? Calgary or Edmonton?

 

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