Thursday , 14 November 2024
Home Forex Canada Sept building permits +11.5% vs +1.7% expected
Forex

Canada Sept building permits +11.5% vs +1.7% expected

  • Prior was -7.0% (revised to -6.3%)
  • Non-residential permits +18.0% to C$5.2B
  • Residential permits +7.5% to C$7.7B

Details:

    Ontario (+25%) leads gains in both residential and non-residential sectors
  • Institutional building booming: +85.9% m/m, driven by healthcare facilities
  • Gains in the institutional component (+$824.9 million). However, industrial (-$17.6 million) and commercial
    (-$9.9 million) construction intentions edged down.
  • Industrial permits remain elevated after major battery plant project in St. Thomas, ON

Overall permits were the second-highest level since the start of the new series in January 2017 but it’s more of a one-off around government spending than anything related to the economy. Ontario’s institutional component received big contributions from construction
for long-term care facilities across the province and a hospital permit in Prince Edward County.

Residential building is holding up on the multi-family side as the pipeline of condos continues to work its way through but single-family has flatlined.

This article was written by Adam Button at www.forexlive.com.

Leave a comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Related Articles

Barkin: Fed does watch carefully if 10-year yield driven by inflation expectations

Fed is trying to normalize its balance sheet, not use it to...

Colombia Retail Sales (YoY) below forecasts (3.8%) in September: Actual (1.5%)

Colombia Retail Sales (YoY) below forecasts (3.8%) in September: Actual (1.5%)

US Dollar softens after hitting a fresh year-to-date high in the USD Dollar Index

The US Dollar (USD) adds to more gains in the Trump trade rally,...

Crude Oil jumps with traders attempting a bounce for a third day

Crude Oil steadies and consolidates recent losses after the International Energy Agency...