How did Ottawa develop economically in the summer of 2023?

The downtown Ottawa skyline on Oct. 4, 2023. (Tyler Fleming/CTV News Ottawa)

The number of housing construction starts decreased in Ottawa the third quarter of 2023 and office vacancies increased, according to new data from the city of Ottawa.

The city released new information on Monday about the capital's economic development in the July, August and September period. Statistics show more Ottawa residents were working last year; however, unemployment rate also increased.

Here are some of the most significant trends from the city:

• A 39.2 per cent year-over-year decrease in housing starts from 4,598 to 2,797.

• All dwelling types experienced a decrease in starts since Q3 2022, with single detached housing starts down 38.6 per cent, semi-detached starts down 29.6 per cent, rowhouse starts down 30.3 per cent and apartment starts down 41.3 per cent.

• Total construction permit value decreased by 31.4 percent year-over-year, largely due to a 47.8 per cent decrease in residential permit value while non-residential permit value increased 39.6 per cent.

• The average housing resale price decreased 1.2 per cent from the previous quarter, while it increased 3.8 per cent year-over-year.

• The office vacancy rate increased by two per cent from Q3 2022 to reach 12.6 per cent.

• The industrial vacancy rate increased by 0.6 per cent from Q3 2022 to reach 2.6 per cent.

• The inflation rate decreased by 0.6 per cent from the previous quarter and four per cent since Q3 of last year to hit 3.2 per cent in Q3 2023.

• Year-over-year, while employed residents increased by 6.4 per cent, the unemployment rate also increased by one per cent.