Building permits for June +18.5% vs +0.8% estimate.
Needless to say much stronger than expected. The growth in construction intentions in June was led by the non-residential sector (+$1.8 billion), while the residential sector (+$479.7 million) made a smaller contribution.
Details:
Non-residential building permits: Rose $1.8 billion to $6.8 billion in June, led by a sharp increase in institutional projects.
Institutional permits: Increased $1.5 billion to $3.2 billion, driven primarily by Ontario (+$1.3 billion) and a major medical project in the Toronto area. Quebec added $238.7 million.
Industrial permits: Rose $268.8 million to $1.2 billion, led by Saskatchewan (+$189.5 million) and Ontario (+$104.2 million).
Commercial permits: Increased $67.9 million to $2.4 billion, with gains across seven provinces and Ontario leading at +$106.0 million.
Residential permits: Increased $479.7 million, or 6.3%, to $8.1 billion.
Multi-unit residential: Rose $283.7 million to $5.3 billion, led by Quebec (+$201.3 million), Alberta (+$143.4 million) and Saskatchewan (+$61.4 million).
Single-family residential: Increased $196.0 million to $2.8 billion, led by Alberta (+$110.8 million) and Quebec (+$85.4 million), while British Columbia declined $30.8 million.
Overall: June's strength was broad-based, but the standout was the surge in institutional construction permits, particularly in Ontario.
The monthly Canadian Building Permits Survey measures the value of building permits issued by municipalities for both residential and non-residential construction. It also tracks the number of residential dwelling units authorized for construction, as well as the number of dwelling units demolished.
This article was written by Greg Michalowski at investinglive.com.
