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Canadian building permits plunge unexpectedly in November

Published 01/10/2011, 08:35 AM
USD/CAD
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Investing.com – The number of new building permits issued in Canada plunged unexpectedly in November, falling for the second consecutive month official data showed on Monday.

In a report, Statistic Canada said the number of new building permits issued fell by a seasonally adjusted 11.2% in November, after tumbling by 6.2% in October, whose figure was revised from a decline of 6.5%.
 
Analysts expected the number of new building permits issued to rise by 0.8% in November. 

According to the data, lower construction intentions, particularly for multi-family dwellings in British Columbia and commercial buildings in Ontario, were behind the sharp decline.
 
Following the release of the data, the Canadian dollar was down against its U.S. counterpart, with USD/CAD gaining 0.32% to hit 0.9970.


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