Paul Martin's Business Update - October 8th

There are signs that the building boom is moving into a new phase in this country.

The monthly summary of the value of building permits issued by local governments across the country in August was down, basically offsetting the gains of the previous month. This may be a signal that we have reached a plateau after a fairly steady expansion.

The same story was evident in Saskatchewan in August as the year-over-year variation showed a decline of nearly 20 percent, more than offsetting gains in July.

The big drop was in Regina in August as permit values fell by 20 per cent over last year. However, compared to July, August was stellar in Regina with a gain of nearly 50 per cent.

In Saskatoon the story was one of more robust expansion. August was higher than July and roughly 25 per cent more than August of a year ago as the Hub City remains the primary centre for new development in the province. However, the pace is not what we saw a year or two back when gains were often in triple digits.

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