Building permits in Canada recovers by 2.3 percent in October

2023-12-10 08:59:01

(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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