Building permit values in the Lower Mainland-Southwest region held steady in August and are up year-to-date, according to Vancouver Regional Construction Association鈥檚 analysis of the latest Statistics Canada building permit report released earlier this month.

鈥淏uilding permit values in the Lower Mainland-Southwest region held fairly steady in August compared to July,鈥� says Keith Sashaw, president of the Vancouver Regional Construction Association.

Total building permit values in the region edged up four per cent to $600.8 million in August from $577.7 million in July 2011. Non-residential permit values fell back 29 per cent to $163 million from $229.3 million during the same period, while the value of residential permits rose 26 per cent to $437.9 million from $348.4 million.

鈥淥verall, building permit values in the Lower Mainland-Southwest region were up eight per cent this year compared to last year,鈥� says Sashaw.  鈥淭his reinforces confidence in the local economy and the overall growth underway.鈥�

Total building permit values in the Lower Mainland-Southwest region rose eight per cent to $4.23 billion in the first eight months of this year compared to $3.92 billion in the same period last year. Non-residential permits were up 23 per cent to $1.41 billion from $1.15 billion. Residential permit values rose to $2.82 billion, up two per cent.

鈥淲e aren鈥檛 concerned about the monthly declines in non-residential permits; the August drop-off in commercial permits following a substantial jump in July was the main reason behind the decline,鈥� says Sashaw. 鈥淢onthly volatility is a strong feature of building permits and total non-residential permits were 23 per cent higher in the first eight months of this year compared to the same period last year.鈥�

鈥淲hile Metro Vancouver permit activity slipped in August, the commercial real estate sector is coming alive with more investment in office towers in downtown Vancouver,鈥� says Sashaw. 鈥淭hese projects have yet to appear in building permits.鈥�

Gains in Metro Vancouver鈥檚 industrial permits are also a sign of an improving market, says VRCA. Industrial permits are on track for a substantial rise this year and the first annual increase since 2006.

Seasonally adjusted total building permits in Metro Vancouver slipped five per cent to $494.1 million seasonally adjusted in August 2011 compared to $519.7 million in July.