Statistics
Canada announced on Wednesday that the value of building permits issued by
Canadian municipalities climbed by 9.3 per cent m-o-m in February, following a
downwardly revised 12.9 per cent m-o-m surge (from +13.5 per cent m-o-m) in January.
Economists had predicted
a 4.5 per cent decline in February from the previous month.
According to
the report, the value of residential building permits increased 7.4 per cent
m-o-m in February, reflecting a 9.6 per cent m-o-m jump in single-family
permits and a 6.0 per cent m-o-m rise in permits for multi-family dwellings. Meanwhile, the value of
non-residential permits soared 12.3 per cent m-o-m in February, as a 57.3 per cent
m-o-m surge in industrial permits combined with an 18.2 per cent m-o-m climb in
institutional permits more than offset a 7.3 per cent m-o-m fall in commercial permits.
In y-o-y terms,
building permits were up 9.1 per cent in February.