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Ottawa releases economic update for first half of 2018

Ottawa releases economic update for first half of 2018

Date Posted: September 14, 2018

The City of Ottawa Economic Development Update provides an overview of quarterly and annual economic indicators to the city’s economy. The City of Ottawa Economic Development Update for both Q1 2018 and Q2 2018 are proceeding at the same time, as the release of Q1 2018 was delayed for committee scheduling reasons and Q2 2018 was completed earlier than usually possible to have it proceed simultaneously with Q1 2018. The Q1 2018 update covers the months of January, February, and March 2018 and the Q2 2018 update covers the months of April, May, and June 2018.

In Q1 2018, the City of Ottawa saw:

  • Year-over-year the unemployment rate decreased 0.1 per cent to sit at 5.2 per cent.
  • The employed labour force increase by 0.2 per cent in Q1 2018 from Q1 2017.
  • A decrease of 32.9 per cent (to 893 units) in housing starts from Q1 2017.
  • Apartment units saw the largest decrease of 62.9 per cent.
  • The inflation rate increased 0.4 per cent year-over-year to sit at 2.2 per cent in Q1 2018.
  • Total construction permit value increased 33.1 per cent from Q1 2017, led by an increase of 39.8 per cent in residential permits and an 18.5 per cent increase in non-residential permits.
  • Office vacancy rate decreased 1.6 per cent from Q1 2017 to arrive at 10.4 per cent. 

In Q2 2018, the City of Ottawa saw:

  • Year-over-year the unemployment rate decreased 1.5 per cent to sit at 4.2 per cent.
  • The employed labour force increase by 2.7 per cent in Q2 2018 from Q2 2017.
  • An increase of 27.4 per cent (to 1,935 units) in housing starts from Q2 2017.
  • Singles (+23.5 per cent), semis (34.7 per cent), and row units (65.8 per cent) all increased in Q2 2018 from Q2 2017, while apartment units decreased 3.8 per cent.
  • The inflation rate increased 1.1 per cent year-over-year to sit at 2.3 per cent in Q2 2018.
  • Total construction permit value decreased 12.7 per cent from Q2 2017, led by a decrease of 52.8 per cent in non-residential permits while residential permits increased 9.9 per cent.
  • Office vacancy rate decreased 1.4 per cent from Q2 2017 to arrive at 10.3 per cent.

 

To read both complete Economic Development Updates, please visit Ottawa.ca.

 

Source: City of Ottawa Economic Development Update, September 14, 2018.