Building permits in Canada recovers by 2.3 percent in October


(MENAFN) In October, building permits in Canada rebounded by 2.3 percent, reaching USD11.2 billion, as reported by the country's statistical authority.

This marked a robust recovery from the significant 8.1 percent decline in September. Notably, building permits had experienced a substantial 18.8 percent drop in April, reaching their lowest point since December 2020.

In spite of the increase, the October figure fell short of market expectations, which anticipated a 2.9 percent rise.

Statistics Canada stated on Thursday that "the total value of non-residential sector permits increased 5.3 percent to USD4.1 billion in October, with gains being concentrated in Ontario." “This was attributable to a significant increase in construction intentions in the institutional component.”

While the industrial component saw a gain of 11.9 percent to reach USD973.8 million in October, the commercial component experienced a decline of 10.5 percent to USD1.8 billion. This marked its second consecutive monthly decrease, according to the agency.

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