By Akhil Shah
OTTAWA (MNI) – Canadian building intentions surged 20.9% to C$6.4
billion in May, almost reversing the 21.5% decline it posted the month
earlier, Statistics Canada reported Wednesday. The gain was mostly a
result of higher building intentions in the non-residential sector.
In the non-residential sector, the value of building permits surged
50.9% to C$2.7 billion, stemming from higher construction intentions in
the commercial component in Quebec, Alberta and Ontario.
The commercial component of the non-residential sector advanced 81%
to C$1.9 billion, reaching the highest level since May 2008. The
increase followed two consecutive monthly declines and was attributed to
higher construction intentions among many types of buildings in many
provinces, including retail outlets, office buildings, laboratories,
hotels and restaurants, the agency reported.
The industrial component rose 22.5% to C$343 million, following two
consecutive monthly declines. The gain was a result of Alberta and
Ontario registering higher construction intentions in manufacturing
plants.
The value of institutional permits increased 3.0% to C$506 million
as construction intentions for educational institutions were up in six
provinces, led by Ontario.
In the residential sector, the value of permits increased 5.3% to
C$3.7 billion in May, following a 12.1% decline the month prior, as
intentions for multi family dwellings increased 23.1% to C$1.6 billion,
after a 31% decline in April.
Building intentions for single-family dwelling decreased 4.9% to
C$2.1 billion in May, ending the upward trend since the past two months.
Overall municipalities across Canada approved 17,022 new dwellings
in May, up 10.8% from April. The increase was a result of a 24.9% gain
in multi-family dwellings. The number of single-family dwellings
decreased 5.8% to 6,629 units.
— Akhil Shah is a reporter with Need To Know News In Ottawa
** Market News International Ottawa **
[TOPICS: M$C$$$,MAUDS$]
