August 9, 2017 / 12:43 PM / 2 years ago

Canada building permits rise in June on commercial buildings

A row of houses under construction are seen at a subdivision near the town of Kleinburg, Ontario, Canada May 13, 2017. REUTERS/Chris Helgren

OTTAWA (Reuters) - The value of Canadian building permits unexpectedly rose in June on increased plans for commercial buildings, though construction intentions for single-family homes decreased, data from Statistics Canada showed on Wednesday.

The 2.5-percent increase exceeded economists’ forecasts for a decline of 2.0 percent, while May was upwardly revised to show an increase of 10.7 percent from the initially reported 8.9 percent.

Non-residential construction plans jumped 8.8 percent in June, lifted by the commercial building segment amid an increase in intentions for office buildings and student residences in Ontario.

Residential building permits slipped 0.9 percent as plans for single-family homes slumped, particularly in Ontario. But plans for multi-family homes, which include apartments and condominiums, jumped 12.5 percent, rising for the third month in a row.

For the second quarter, building permits were up 10.4 percent compared with the year before, the biggest increase since the third quarter of 2012 as nearly all categories saw an increase in construction plans.

For graphic on Canada economic snapshot click: here

Reporting by Leah Schnurr; Editing by Nick Zieminski

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