By Akhil Shah
OTTAWA (MNI) – Canadian building intentions fell 0.6% to C$6.6
billion in July, following a 2.8% increase in June, Statistics Canada
reported Tuesday.
On September 8, the agency reported that building intentions rose
6.3% in July, beating analyst expectations. These have now been
corrected to a decline of 0.6%. The huge correction was a result of the
agency not receiving correct information from a survey respondent.
Construction intentions declined in the non-residential sector and
partially offset the gains in the residential sector.
Following the correction, the value of residential sector permits
increased 2.4% to C$3.9 billion as compared to an earlier reading of a
14.6% surge to C$4.3 billion. The increase was largely a result of
advances in the value of multi-family and single family dwellings in
Ontario, Alberta and Quebec.
Similarly, value of non-residential permits plunged 40.1% to C$368
million after a significant increase in June. Before the correction, the
agency had permits in this sector decline 4.5% to C$2.7 billion.
–Akhil Shah is a reporter with Need To Know News In Ottawa?
** Market News International Ottawa **
[TOPICS: M$C$$$,MAUDS$]
