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7 months ago
UPDATE 1-Canada building permits jump unexpectedly in October
December 8, 2016 / 1:49 PM / 7 months ago

UPDATE 1-Canada building permits jump unexpectedly in October

2 Min Read

(Adds details from report)

OTTAWA, Dec 8 (Reuters) - The value of Canadian building permits surged unexpectedly in October, mainly due to plans for increased construction in Alberta ahead of changes to the province's building code, data from Statistics Canada showed on Thursday.

The 8.7 percent increase in permits was well above economists' forecast for a decline of 0.7 percent. September's figures were also revised upward to show a decline of 4.6 percent from an initially reported decrease of 7.0 percent.

Construction permits rose in every province except Quebec in October. Alberta led the way with a 40.4 percent jump as new energy efficiency rules for residential and commercial buildings were due to take effect at the beginning of November.

Overall, residential building permits climbed 7.7 percent, with increases for both single-family homes and multi-family buildings, which include condominiums.

Permits for non-residential buildings jumped 10.7 percent, with growth in hotels, office buildings and retail complexes.

Reporting by Leah Schnurr; Editing by Lisa Von Ahn

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