OTTAWA, Nov 6 (Reuters) - The value of Canadian building permits jumped 12.7 percent in September to C$7.50 billion ($6.58 billion), beating analysts’ estimates and recovering some of the previous month’s drop on higher construction plans in Ontario, data from Statistics Canada showed on Thursday.
The increase surpassed analysts’ expectations for an increase of 6.0 percent after permits tumbled 27.3 percent in August. The figures are seasonally adjusted.
Higher construction intentions for both non-residential and residential buildings in Ontario, Canada’s most populous province, fueled the increase, StatsCan said.
Overall, the value of permits for residential buildings across the country climbed 6.1 percent, while non-residential permits surged 23.9 percent.
In the residential component, construction plans for multi-family buildings, which includes apartments and condominiums, rose 10.8 percent. Permits for single-family homes edged up 2.5 percent.
$1=$1.14 Canadian Reporting by Leah Schnurr; Editing by Bernadette Baum