Investing.com – The number of building permits issued in Canada fell more than expected in May, official data showed on Tuesday.
In a report, Statistics Canada said the number of building permits issued in May fell a seasonally adjusted 10.8% in May, after an increase of 5.9% in April, whose figure was revised up from 5.4%.
Analysts had expected a decrease of 1.3% in May.
The report said decreases occurred in both the residential and non-residential sectors. The decline in the residential sector was as a result of a drop in permits for single-family dwellings in May.
In the non-residential sector lower construction intentions were spread across a wide variety of buildings, such as office buildings, recreational, hotels and warehouses but industrial permits rose to the highest level since September 2008.
Following the release of the data the Canadian dollar was up against its U.S. counterpart, with USD/CAD shedding 0.61% to hit 1.0575.
In a report, Statistics Canada said the number of building permits issued in May fell a seasonally adjusted 10.8% in May, after an increase of 5.9% in April, whose figure was revised up from 5.4%.
Analysts had expected a decrease of 1.3% in May.
The report said decreases occurred in both the residential and non-residential sectors. The decline in the residential sector was as a result of a drop in permits for single-family dwellings in May.
In the non-residential sector lower construction intentions were spread across a wide variety of buildings, such as office buildings, recreational, hotels and warehouses but industrial permits rose to the highest level since September 2008.
Following the release of the data the Canadian dollar was up against its U.S. counterpart, with USD/CAD shedding 0.61% to hit 1.0575.