Investing.com - The number of new building permits issued in Canada soared significantly more-than-expected in July, official data showed on Monday.
In a report, Statistic Canada said the number of new building permits issued surged by a seasonally adjusted 20.7% in July, blowing past expectations for a 1% increase.
June’s figure was revised to a drop of 10.6% from a previously reported decline of 10.3%.
The total value of building permits rose to CAD8 billion in July. The increase in July came mainly from higher construction intentions for commercial buildings in Ontario, Alberta and Quebec.
Following the release of the data, the Canadian dollar added to gains against its U.S. counterpart, with USD/CAD shedding 0.45% to trade at 1.0366.
In a report, Statistic Canada said the number of new building permits issued surged by a seasonally adjusted 20.7% in July, blowing past expectations for a 1% increase.
June’s figure was revised to a drop of 10.6% from a previously reported decline of 10.3%.
The total value of building permits rose to CAD8 billion in July. The increase in July came mainly from higher construction intentions for commercial buildings in Ontario, Alberta and Quebec.
Following the release of the data, the Canadian dollar added to gains against its U.S. counterpart, with USD/CAD shedding 0.45% to trade at 1.0366.