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- Canada’s building permits unexpectedly rise in June
Canada’s building permits unexpectedly rise in June
Statistics Canada reported Wednesday that the value of building permits issued by the Canadian municipalities rose 2.5 percent m-o-m in June, following a 10.7 percent m-o-m surge in May (revised from an originally reported 8.9 percent m-o-m increase). Economists had forecast a 2 percent drop in June from May.
According to the report, residential building permits fell 0.9 percent m-o-m, as a tumble in the permits for single-family dwellings (-12.5 percent m-o-m) offset a surge in permits for multi-family buildings (+12.5 percent m-o-m).
Meanwhile, non-residential permits rose 8.8 percent m-o-m in June, as all building components, namely commercial (+13.0 percent m-o-m), industrial (+6.3 percent m-o-m) and institutional (+2.1 percent m-o-m), recorded higher construction intentions.
In June, building permits rose in six provinces, led by Quebec (+12.3 percent m-o-m) and Manitoba (+40.4 percent m-o-m).
Building permits demonstrated a 10.4 y-o-y surge in the second quarter, with all building components gaining except for institutional structures.
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