Investing.com – The number of new building permits issued in Canada surged unexpectedly in March, official data showed on Thursday.
In a report, Statistic Canada said the number of new building permits issued soared by a seasonally adjusted 17.2% in March, after jumping by 9.8% in February, whose figure was revised down from 9.9%.
Analysts expected the number of new building permits issued to decline by -2.5% in March.
According to the data, municipalities issued building permits worth CAD6.8 billion in March, a level not seen since June 2007. The gain was mostly the result of advances in the residential and non-residential sectors in Ontario.
Following the release of the data, the Canadian dollar was down against its U.S. counterpart, with USD/CAD climbing 0.82% to hit 0.9672.
In a report, Statistic Canada said the number of new building permits issued soared by a seasonally adjusted 17.2% in March, after jumping by 9.8% in February, whose figure was revised down from 9.9%.
Analysts expected the number of new building permits issued to decline by -2.5% in March.
According to the data, municipalities issued building permits worth CAD6.8 billion in March, a level not seen since June 2007. The gain was mostly the result of advances in the residential and non-residential sectors in Ontario.
Following the release of the data, the Canadian dollar was down against its U.S. counterpart, with USD/CAD climbing 0.82% to hit 0.9672.