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- Canada’s building permits decline more than expected in January
Canada’s building permits decline more than expected in January
Statistics Canada reported that the value of building permits issued by the Canadian municipalities fell 5.5 percent m-o-m in January 2019, following a revised 6.4 percent m-o-m gain in December 2018 (originally a 6.0 percent m-o-m increase).
Economists had forecast a 4.8 percent decline in January from the previous month.
According to the report, the value of residential permits grew by 1.6 percent m-o-m as both single-family (+3.1 percent m-o-m) and multi-family dwellings (+0.7 percent m-o-m) posted gains.
Meanwhile, non-residential building permits plunged by 15.8 percent m-o-m in January, hurt by lower construction intentions for commercial buildings (-25.3 percent m-o-m). At the same time, increases were reported for both the industrial (+4.8 percent m-o-m) and institutional (+0.4 percent m-o-m) components.
In y-o-y terms, building permits edged down 0.1 percent in January.
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