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- Canada’s building permits jump much more than forecast in April
Canada’s building permits jump much more than forecast in April
Statistics
Canada announced on Monday that the value of building permits issued by the
Canadian municipalities surged 14.7 percent m-o-m in April, following a revised
2.8 percent m-o-m advance in March (originally a 2.1 percent m-o-m increase).
Economists had
forecast a 0.5 percent gain in April from the previous month.
According to
the report, the value of residential permits climbed 24.5 percent m-o-m in
April, as permits multi-family dwellings climbed by 39.6 percent m-o-m, while single-family
permits rose by 5.1 percent m-o-m.
At the same
time, the value of non-residential building permits increased by 1.1 percent
m-o-m in April, due to higher construction intentions for industrial buildings
(61.8 percent m-o-m), which however were offset by declines in permits for both
institutional (-24.5 percent m-o-m) and commercial (-5.3 percent m-o-m) components.
In y-o-y terms,
building permits increased 18.3 percent in April.
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