Investing.com - The number of new building permits issued in Canada rose more than expected in January, easing concerns over the health of the country’s economy, official data showed on Thursday.
In a report, Statistic Canada said the number of new building permits issued climbed by a seasonally adjusted 8.5% in January, blowing past expectations for a gain of 1%. December’s figure was revised to a drop of 4.8% from a previously reported decline of 4.1%.
The increase in January came from higher construction intentions in the residential sector, which more than offset a decline in the non-residential sector.
Gains were posted in every province in January, except Quebec. Alberta, British Columbia and Ontario registered the largest increases.
Following the release of the data, the Canadian dollar held on to gains against its U.S. counterpart, with USD/CAD shedding 0.07% to hit 1.1022.