Growth in Ontario's multi-unit component fuels the residential sector in September
Construction intentions for the residential sector rose by $540.7 million (+7.5%) to $7.7 billion in September, led by the multi-unit component (+$505.5 million), while the single-family component (+$35.1 million) contributed modestly. Multi-unit construction intentions were driven by Ontario (+$812.3 million), specifically by large multi-unit permits in Toronto, Barrie and Mississauga.
Source: Building permits, September 2024
Wholesale sales decrease in the third quarter of 2024
In the third quarter of 2024, wholesale sales declined by 0.9% to $246.3 billion, as five of the seven subsectors posted declines. This decrease was in part impacted by lower sales in August. The largest drop in the third quarter was seen in the motor vehicle and motor vehicle parts and accessories subsector, which fell 3.4% to $42.2 billion. Sales in the third quarter were 0.5% below those from the same quarter the previous year.
Source: Wholesale trade, September 2024
Manufacturing sales decline in six provinces in September, led by Quebec and Saskatchewan
Manufacturing sales fell in six provinces in September. The largest declines were posted in Quebec and Saskatchewan, while sales in New Brunswick increased the most. In Quebec, sales decreased 1.1% to $17.8 billion in September, while sales in Saskatchewan declined 8.4% to $1.8 billion.
Source: Monthly Survey of Manufacturing, September 2024
More US-resident trips to Canada by automobile year over year in October
In October 2024, the number of US-resident trips to Canada by automobile was 1.0 million, up 10.3% from the number observed in the same month of 2023. The total number of US-resident arrivals in Canada by automobile in October represented 97.5% of the level observed in October 2019, before the COVID-19 pandemic.
Source: Leading indicator of international arrivals to Canada, October 2024
Passenger traffic recovers in the second quarter of 2024
The 24 largest Canadian air carriers transported 22.8 million passengers in the second quarter, that is, 22.3 million on scheduled flights and 455,000 on chartered flights. While this represents an increase of 2.6% from the same quarter in 2023, it is virtually unchanged from the pre-pandemic level recorded in the second quarter of 2019.
Source: Quarterly civil aviation statistics, second quarter 2024
Slowdown in residential construction in 2023
Residential capital stock increased in all provinces and territories in 2023. However, its growth in the year (+2.1%) was slower compared to 2022 (+2.6%). The slowdown in residential capital stock was the result of lower investment in new construction, renovations to existing structures, as well as ownership transfer costs. This coincided with the deterioration of credit conditions and the rise in mortgage interest rates.
Source: Stock and consumption of fixed capital, 2023
Major events can have a positive effect on the economy
Taylor Swift’s mammoth 149-date Eras Tour will wind down in Canada, with about 240,000 fans expected at the Toronto shows and 160,000 in Vancouver. Out-of-towners have booked up available accommodations. Local restaurants and bars and transportation providers are also sure to benefit from the expected economic boost. In the first quarter of 2010, spending by international visitors was up 5.9% from the previous quarter, the largest quarterly increase in nine years. The Olympic and Paralympic Winter Games held in Vancouver contributed to this increase.
Source: A Swift effect on the economy?
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