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The value of building permits for October may indicate a rebound for Calgary's economy. (CBC) The value of permit

applications for new buildings in Calgary more than doubled over the same time last year, which some say signals an

improving economy. Building two wings of the trades and technology complex at SAIT for $170.8 million and the new

$117.6-million Bow Valley College south campus make up a big chunk of the spike in permit values.

The value of permit applications for new buildings in Calgary more than doubled over the same time last year, which

some say signals an improving economy.

Building two wings of the trades and technology complex at SAIT for $170.8 million and the new $117.6-million Bow

Valley College south campus make up a big chunk of the spike in permit values.

Permit applications this October came in at an estimated $532 million in construction value, up from $248 million in

October 2008.

"What it means to the city, it's an indication that there's a confidence returning to investment," Stan Schwartzenberger,

director of development and building approvals for the city, said on Monday.

"It's a leading edge as to what we might see with some of the other sectors as well."

Applications for building permits October 2009 $532 million October 2008 $248 million October 2005-2009 $449 million (5-

year average) October 2000-2009 $325 million (10-year average) Source: City of Calgary

Building permits are a barometer of intentions in the construction industry and are not an indication of construction actually

starting.

Intentions for residential projects are also up to $164 million last month, an increase of 123 per cent compared to the

same period last year. This was led by 525 new, detached units at a value of about $131 million.

"It was an indication to us that what we're seeing since June this year has been a trending upwards in positive numbers

of residential detached units," said Schwartzenberger.

He said the positive indications will likely lead to an increased demand for labour in the city.

Frank Atkins, an economics professor at the University of Calgary, agreed that a bump in permit values is a positive thing,

as are other signs that the worst of the recession may be over.

"The world price of oil is getting fairly high. Construction seems to be going on in this city and so it looks really good,"

said Atkins.

CBC Ottawa -- Mon, Nov 9th 2009