Notizie economiche
12.07.2024

Canada’s building permits decline much more than anticipated in May

Statistics Canada reported on Friday that the value of building permits issued by Canadian municipalities declined by 12.2 per cent m-o-m in May, following an upwardly revised 23.4 per cent m-o-m jump (from +20.5 per cent m-o-m) in April.

Economists had forecast a 5.9 per cent drop for May from the previous month.

According to the report, the value of residential building permits tumbled 16.3 per cent m-o-m in May, reflecting a 22.3 per cent m-o-m plunge in permits for multi-family dwellings and a 2.7 per cent m-o-m decrease in single-family permits. Meanwhile, the value of non-residential permits fell 5.0 per cent m-o-m in May, as an 18.0 per cent m-o-m decline in institutional permits combined with a 7.4 per cent m-o-m drop in commercial permits more than offset a 20.6 per cent m-o-m climb in industrial permits.

In y-o-y terms, building permits were up 2.0 per cent in May.

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