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- Canada’s building permits decline much more than expected in May
Canada’s building permits decline much more than expected in May
Statistics
Canada announced on Friday that the value of building permits issued by the
Canadian municipalities plunged 14.8 percent m-o-m in May, following a revised 0.2
percent m-o-m gain in April (originally a fall of 0.5 percent m-o-m).
Economists
had forecast a 0.3 percent decrease in May from the previous month.
According
to the report, the value of residential permits tumbled 16.0 percent m-o-m in May,
as single-family permits declined 10.6 percent m-o-m and permits for
multi-family dwellings plunged 20.6 percent m-o-m.
At
the same time, the value of non-residential building permits dropped 12.2
percent m-o-m in May, reflecting decreases in commercial (-15.8 percent m-o-m),
industrial (-14.6 percent m-o-m) and institutional (-3.4 percent m-o-m) permits.
In
y-o-y terms, building permits surged 22.0 percent in May.
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