Economy
Canadian Housing Permits Fall, Nonresidential Climbs in December
Written by Sandy Williams
February 6, 2014
Residential building permit authorizations in Canada for December declined for the second month, falling 14.2 percent to a seasonally adjusted annual rate of 186,780 units from 216,608 units in November. According to data released by Statistics Canada, multi-family dwelling authorizations led the decline, dropping 21.3 percent while single family dwellings inched down 0.1 percent.
Value of residential permits dropped 9.3 percent to $3.7 million from $4.08 million (Canadian) in November. Residential permit value for 2013 totaled $48.3 billion, almost unchanged from 2012.
Nonresidential permit values rose 3.7 percent to $2.8 million in December after falling 4.6 percent in November. Nonresidential permit value for 2013 was relatively unchanged from 2012 at $32.5 billion.
Institutional construction saw a leap in permit value, more than doubling to $939 million in December after falling 32.8 percent in November. Institutional construction increased in five provinces with educational and medical facilities leading the surge.
Industrial permit values rose 34.9 percent to $576 million due to manufacturing plant construction intentions in Manitoba and Quebec.
Commercial building permit values dropped for the fourth month in a row, down 33.5 percent in December from November. (Source: Statistics Canada)
Sandy Williams
Read more from Sandy WilliamsLatest in Economy
Trump taps Lutnick to be Commerce Secretary
President-elect Donald Trump has named Wall Street veteran Howard Lutnick as the new US Secretary of Commerce.
New York state manufacturing activity ramps up to multi-year high
New York state’s manufacturing sector saw substantial recovery in November, according to the latest Empire State Manufacturing Survey from the Federal Reserve Bank of New York.
CRU: Dollar and bond yields rise, metal prices fall as Trump wins election
Donald Trump has won the US presidential election. The Republican party has re-taken control of the Senate. Votes are still being counted in many tight congressional races. But based on results so far, the Republicans seem likely to maintain control of the House of Representatives. If confirmed, this will give Trump considerable scope to pass legislation pursuing his agenda. What this means for US policy is not immediately obvious. Trump will not be inaugurated until Jan. 20. In the coming weeks and months, he will begin to assemble his cabinet, which may give a clearer signal on his policy priorities and approaches. Based on statements he made during the presidential campaign, we have set out the likely direction of his economic policy here and green policy here.
ISM: Manufacturing index fell in Oct to lowest point of ’24
Domestic manufacturing contracted for the seventh straight month in October, according to the latest report from the Institute for Supply Management (ISM). This marks the 23rd time in the last 24 months that it has been in contraction.
Chicago Business Barometer slips in October
The Chicago Business Barometer fell to a five-month low in October and continues to indicate deteriorating business conditions, according to Market News International (MNI) and the Institute for Supply Management (ISM).