By Robb M. Stewart
OTTAWA--Canadian building permits staged a modest recovery in October, led by intentions in the non-residential construction sector.
The total value of building permits increased 2.3% from the month before to a seasonally adjusted 11.24 billion Canadian dollars, the equivalent of $8.27 billion, Statistics Canada said Thursday.
The rise follows the follows an 8.1% drop in permits the month before.
On a year-over-year basis, the overall value of permits issued in October was 16.1% higher.
Building permits provide an early indication of construction activity in Canada and are based on a survey of 2,400 municipalities, representing 95% of the country's population. The issuance of a permit doesn't guarantee that construction is imminent.
Construction intentions in the residential sector were little changed from the previous month, with the value of permits edging up 0.6% to C$7.11 billion, Statistics Canada said. Intentions to build multifamily dwellings rose 1.8%, while intentions for single-family homes dropped 1.3%.
Permits for nonresidential buildings increased 5.3% to $4.13 billion, with gains concentrated in the province of Ontario, the agency said. The largest permit issued for the month was for the construction of a new hospital wing in Toronto.
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(END) Dow Jones Newswires