Investing.com – The number of new building permits issued in Canada surged in July, official data showed on Thursday.
In a report, Statistic Canada said the number of new building permits issued jumped by a seasonally adjusted 6.3% in July, confounding expectations for a flat reading.
June’s figure was revised up to 2.8% from a previously reported 2.1% gain.
In the residential sector, the value of permits nationally increased 14.6% to CAD4.3 billion, the third consecutive monthly gain and the highest level since December 2005. Ontario accounted for most of the advance.
After two consecutive monthly increases, permits in the non-residential sector decreased 4.5% to CAD2.7 billion. Declines in Quebec and Manitoba were partially offset by advances in the eight other provinces.
Following the release of the data, the Canadian dollar was down against its U.S. counterpart, with USD/CAD gaining 0.25% to trade at 0.9856.
In a report, Statistic Canada said the number of new building permits issued jumped by a seasonally adjusted 6.3% in July, confounding expectations for a flat reading.
June’s figure was revised up to 2.8% from a previously reported 2.1% gain.
In the residential sector, the value of permits nationally increased 14.6% to CAD4.3 billion, the third consecutive monthly gain and the highest level since December 2005. Ontario accounted for most of the advance.
After two consecutive monthly increases, permits in the non-residential sector decreased 4.5% to CAD2.7 billion. Declines in Quebec and Manitoba were partially offset by advances in the eight other provinces.
Following the release of the data, the Canadian dollar was down against its U.S. counterpart, with USD/CAD gaining 0.25% to trade at 0.9856.