Investing.com - The number of new building permits issued in Canada rose less than expected in April, fuelling 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 increased by a seasonally adjusted 1.1% in April, below expectations for a gain of 1.4%.
March’s figure was revised to a drop of 3.2% from a previously reported decline of 3.0%.
Following two consecutive monthly declines, the total value of building permits issued by Canadian municipalities rose 1.1% to $6.0 billion in April.
This increase resulted from higher construction intentions in the residential sector, which more than offset the decline in the non-residential sector.
Following the release of the data, the Canadian dollar turned higher against its U.S. counterpart, with USD/CAD shedding 0.06% to trade at 1.0933, compared to 1.0944 ahead of the report.