Canadian Building Permits Rose in August

The value of Canadian building permits issued in August surged far more than expected on higher construction intentions for condominiums and commercial buildings, data from Statistics Canada showed on Thursday.

The 10.4 per cent increase well exceeded economists’ expectations for a 3.0 per cent gain. July was revised up to a rise of 3.4 per cent from the previously reported 0.8 per cent.

Permits for residential buildings increased 9.6 per cent, driven by a 14.7 per cent jump in multi-family dwellings, which include condominiums, apartments and townhouses. It was the third month out of four that the segment has increased.

Plans to build single-family homes rose 6.0 per cent, with higher construction intentions seen in Ontario and Alberta, which is still recovering from prolonged weakness in oil prices.

Non-residential permits rose 11.6 per cent on higher intentions to build retail complexes and recreational buildings. Industrial permits also rose on plans to build utilities facilities.

via Globe and Mail

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza