August 7, 2014 / 12:37 PM / 4 years ago

Value of Canadian building permits jumps 13.5 percent in June

OTTAWA (Reuters) - The value of Canadian building permits issued in June unexpectedly jumped by 13.5 percent on higher construction intentions in the powerful province of Quebec, Statistics Canada said on Thursday.

A condominium construction site is seen in Toronto, March 11, 2014. REUTERS/Aaron Harris

Market analysts had expected a 2.0 percent month-on-month decline after the 15.4 percent advance seen in May. Building permits data are used as a leading indicator of activity in the construction industry.

The value of non-residential building permits rose by 32.5 percent - a third consecutive monthly gain and the largest since July 2013 - led by the institutional and industrial components.

Quebec, the second most populous of Canada’s 10 provinces, posted a sharp increase in construction intentions for medical facilities as well as information technology buildings.

In the residential sector, the value of permits edged up by 0.4 percent, a fourth consecutive monthly increase.

Construction intentions for single-family units rose by 5.5 percent from May, the third consecutive advance. Permits for multi-family units fell by 6.0 percent after three straight monthly increases.

Reporting by David Ljunggren; Editing by Nick Zieminski

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