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OTTAWA (Reuters) - The value of building permits issued in Canada jumped 7.4 percent in May from April to its highest in five years, boosted by construction plans for institutional buildings and for multi-family housing in the Western region of the country.
The jump - far bigger than the 1.4 percent increase forecast by analysts in a Reuters poll - followed a 4.4 percent drop in April.
The value of residential permits rose 8.5 percent in the month after four straight months of decline.
Permits for multi-family dwellings skyrocketed 17.7 percent mainly due to strong building intentions in the West Coast province British Columbia, as well as in Ontario and Nova Scotia. Single-family dwelling permits rose 2.1 percent.
On the non-residential side, permits rose 6 percent in May on plans to build medical facilities, government buildings and schools, which resulted in a 69.4 percent jump in permits for institutional buildings.
Reporting by Louise Egan; Editing by James Dalgleish