Investing.com – The number of new building permits issued in Canada soared in December, rebounding from the previous month’s sharp drop, official data showed on Tuesday.
In a report, Statistic Canada said the number of new building permits issued surged by a seasonally adjusted 11.1% in December, blowing past expectations for a 0.8% increase.
November’s figure was revised to a 2.6% drop from a previously reported 3.6% decline.
On an annualized rate, Canadian building permits rose at a rate of 21.1% in December from a year earlier, after rising 11.9% in November.
Municipalities issued building permits worth CAD6.8 billion in December, the highest level since June 2007.
The advance in December was due primarily to an increase in multi-family dwellings in Ontario and commercial buildings in Alberta.
Following the release of the data, the Canadian dollar pared losses against its U.S. counterpart, with USD/CAD easing up 0.07% to trade at 0.9967.
In a report, Statistic Canada said the number of new building permits issued surged by a seasonally adjusted 11.1% in December, blowing past expectations for a 0.8% increase.
November’s figure was revised to a 2.6% drop from a previously reported 3.6% decline.
On an annualized rate, Canadian building permits rose at a rate of 21.1% in December from a year earlier, after rising 11.9% in November.
Municipalities issued building permits worth CAD6.8 billion in December, the highest level since June 2007.
The advance in December was due primarily to an increase in multi-family dwellings in Ontario and commercial buildings in Alberta.
Following the release of the data, the Canadian dollar pared losses against its U.S. counterpart, with USD/CAD easing up 0.07% to trade at 0.9967.