Economy
Canadian Building Permits Fall in November
Written by Sandy Williams
January 9, 2014
Canadian building permits declined in November to 18,173, falling 3.6 percent from October. The value of permits issued dropped 6.7 percent to $6.8 billion after gaining 8 percent the previous month. Permit values have been an upward trend with eight monthly increases in 2013.
In the residential sector, the total value of permits declined 7.6 percent to $4.1 billion in November. Permit values for multi-family dwellings fell 8.7 percent in November to $1.9 billion after posting two months of gains. Single-family dwelling permits fell 6.7 percent to $2.2 billion. A total of 18,173 residential housing permits were issued in November with multi-family falling 3.9 percent to 12,027 units and single-family dwellings down 3.1 percent to 6,146 units. Year-over-year, residential permits dropped 5.7 percent for single family units but rose 23.4 percent for multi-family units.
In the non-residential sector building permits dropped for institutional and industrial buildings, with total permit value in the sector falling 5.2 percent to $2.7 billion after rising 9.7 percent in October. Institutional permit values dropped 32 percent to $354 million. Value of industrial permits fell for the fourth consecutive month, edging down 2.2 percent to $455 million. Commercial building permit values rose a slight 1.8 percent to $1.9 billion after surging 25 percent in October.
The total value of permits dropped in 22 of 34 of the metropolitan areas covered by Statistics Canada.
Sandy Williams
Read more from Sandy WilliamsLatest in Economy
CRU: Will US tariff policy be transactional or transformational?
The Trump 1.0 tariffs appeared to have little positive effect on the US manufacturing, partly because they hurt export competitiveness.
Beige Book finds mixed demand trends, tariff concerns
Manufacturing activity exhibited slight to modest increases across a majority of districts. However, manufacturers expressed concerns over the potential impact of looming trade policy changes between late January and February.
Construction spending drops marginally in January
Construction spending edged down slightly in January, slipping for the first time in four months. The US Census Bureau estimated spending at a seasonally adjusted annual rate of $2,196 billion in January, down 0.2% from December’s downward revised rate. The January figure is 3.3% higher than a year ago. January’s result, despite the slight erosion, […]
ISM: Manufacturing expansion slowed in February
The Manufacturing PMI registered 50.3% in February. That’s 0.6 percentage points lower compared to the 50.9% recorded in January.
Chicago Business Barometer up but still pointing to weak conditions
The Chicago Business Barometer rose to an eight-month high in February. Despite the recovery, the measure continues to indicate deteriorating business conditions, as it has for over a year.