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Chicago Fed National Index Up in December

Canadian Building Permits Increase 6% in December

Canadian municipalities issued $8.8 billion (US$6.7 billion) worth of building permits in December, up 6 percent from November and the fourth consecutive monthly increase, according to new data from Statistics Canada. The gain was largely due to higher construction intentions for multi-family dwellings and commercial buildings, with both components hitting record highs.

The value of building permits issued for non-residential structures rose 8.9 percent in December to $3.5 billion (US$2.7 billion). Increases were reported in seven provinces, most notably British Columbia.

In the commercial component, the value of permits rose 14.6 percent to a record high of $2.3 billion (US$1.8 billion) in December. Eight provinces recorded advances.

The value of industrial building permits was up 11.9 percent to $588 million (US$446.1 million), mainly as a result of higher construction intentions for maintenance buildings. 

In contrast, the value of institutional permits fell 10.6 percent to $606 million (US$459.8 million), the third consecutive monthly decrease. Lower construction intentions for hospitals were the largest factor in the decline.

 

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