Canada building permits surge 18 percent in October
OTTAWA (Reuters) - Canadian building intentions soared past expectations in October, with the value of building permits rising 18 percent from September due largely to strength in nonresidential projects, Statistics Canada said on Monday.
Analysts in a Reuters poll had forecast, on average, a mere 1 percent rise in the value of building permits in October.
Permits for nonresidential buildings jumped 42.4 percent as industrial projects doubled in value, largely on mining, transportation and water treatment. Institutional projects gained 50.9 percent on an expansion of educational and medical infrastructure.
Housing permits rose 3.8 percent on an eighth consecutive rise in single-family units. Multiple-family housing units fell after a big surge the previous month.
The government said last week 8,000 infrastructure projects are underway in Canada as a result of its stimulus plan.
($1 = $1.06 Canadian)
(Reporting by Louise Egan; Editing by James Dalgleish)
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