Investing.com – The number of new building permits issued in Canada plunged in August, declining for the second consecutive month, official data showed on Thursday.
In a report, Statistic Canada said the number of new building permits issued plunged by a seasonally adjusted 10.4% in August, confounding expectations for a gain of 0.6%.
July’s figure was revised down to a drop of 0.4% from a previously reported increase of 6.3%.
The value of permits fell in both the residential and non-residential sectors, mainly in Ontario.
In the non-residential sector, the value of permits fell 16.6% to CAD2.3 billion, a second consecutive monthly decrease. The largest declines were in Ontario and Saskatchewan.
In the residential sector, the value of permits decreased 6.0% to CAD3.6 billion after three consecutive monthly increases. The largest declines occurred in Ontario and Quebec, particularly in construction intentions for multiple-family dwelling permits in Ontario.
Following the release of the data, the Canadian dollar extended losses against its U.S. counterpart, with USD/CAD gaining 0.44% to trade at 1.0451.
In a report, Statistic Canada said the number of new building permits issued plunged by a seasonally adjusted 10.4% in August, confounding expectations for a gain of 0.6%.
July’s figure was revised down to a drop of 0.4% from a previously reported increase of 6.3%.
The value of permits fell in both the residential and non-residential sectors, mainly in Ontario.
In the non-residential sector, the value of permits fell 16.6% to CAD2.3 billion, a second consecutive monthly decrease. The largest declines were in Ontario and Saskatchewan.
In the residential sector, the value of permits decreased 6.0% to CAD3.6 billion after three consecutive monthly increases. The largest declines occurred in Ontario and Quebec, particularly in construction intentions for multiple-family dwelling permits in Ontario.
Following the release of the data, the Canadian dollar extended losses against its U.S. counterpart, with USD/CAD gaining 0.44% to trade at 1.0451.