Investing.com - The number of new building permits issued in Canada rose unexpectedly in May, increasing for the fifth consecutive month, official data showed on Monday.
In a report, Statistic Canada said the number of new building permits issued rose by a seasonally adjusted 4.5% in May, defying expectations for a 6% decline.
Aprils figure was revised to a 11.2% gain from a previously reported increase of 10.5%.
The total value of building permits rose to CAD7.3 billion in May. The increase came mainly from the residential sector in Ontario and the non-residential sector in Quebec.
Following the release of the data, the Canadian dollar was higher against its U.S. counterpart, with USD/CAD shedding 0.2% to trade at 1.0553.
In a report, Statistic Canada said the number of new building permits issued rose by a seasonally adjusted 4.5% in May, defying expectations for a 6% decline.
Aprils figure was revised to a 11.2% gain from a previously reported increase of 10.5%.
The total value of building permits rose to CAD7.3 billion in May. The increase came mainly from the residential sector in Ontario and the non-residential sector in Quebec.
Following the release of the data, the Canadian dollar was higher against its U.S. counterpart, with USD/CAD shedding 0.2% to trade at 1.0553.