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June 7, 2010

Calgary's building permit values plunge in May

CALGARY - The estimated construction value of building permit applications in May plunged in the city compared with a year ago.

The City of Calgary reported today that the value last month dropped to $241 million, down 56 per cent from May 2009's $547 million.

It was also down 38 per cent compared with the five-year average of $387 million and down 55 per cent compared to the 10-year average of $536 million).

“Over the past five years, we have seen a shift in balance between residential and non-residential projects, and so far this year, we are seeing the focus back on new residential,” said Stan Schwartzenberger, director of development and building approvals for the city.

“Overall, when we look back, even though our numbers dropped this month, we are experiencing higher residential values compared to May 2008 and the same volume we did in May 2006, so that is a sign for optimism in the residential growth in this city.”

Residential permit values for May more than doubled the values of the same period last year. The residential categories with the most activity include new single-family, $118 million, and new townhouse, $11.4 million, both up almost 200 per cent, compared with the same period last year.

Non-residential permit values are down 82 per cent compared to the same period last year, totalling $83 million. Several increases month-over-month include institutional improvement, $20 million, and new government, $6.4 million.

By Mario Toneguzzi, Calgary Herald

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