August 7, 2008-NEWS RELEASE

ICBA Commentary: Building Permits

VANCOUVER -- The Independent Contractors and Businesses Association (ICBA) offered the following commentary on today's Statistics Canada release of the building permit survey for June 2008. "The building permit numbers show that B.C. is not immune from what is happening

in North America," said Philip Hochstein, President of the ICBA. "Building permits are an indicator of people's feelings about the future, and there is greater caution today, particularly with the economic troubles in the U.S." Hochstein added: "It is important to keep things in perspective, as the economic fundamentals in B.C. are good. We have positive inter-provincial migration numbers, our economy is one of the strongest in Canada and the construction sector is still healthy."

According to Hochstein, the construction industry is simply returning to normal levels, after years of extreme highs. He pointed out that there are some positives in the building permit numbers, as it's a better time to buy and it will give the industry a chance to take a breath and become even more efficient and effective.

About ICBA
ICBA services and represents B.C.’s construction sector. ICBA’s members — who include both the Industrial, Commercial and Institutional (ICI) and residential construction sectors — are involved in virtually all major capital projects in British Columbia. www.icba.ca.

For more information, contact:
Philip Hochstein, President of the ICBA
Tel: 604-561-9402