July 12, 2024 at 01:30PM
Prior month 20.5% (versus 2.2% expected) revised to 23.4%. Last month was a record high level of building permits at $13.4 billion.
Building permits -12.2% to $11.7 billion. Last month was a record at 13.4 by dollars led by a sharp rise in British Columbia multiunit permits.
Residential -16.3% to $7.1 billion in May. British Columbia fell -53.7% following a record high value of multiunit permits in the province last month. Excluding British Columbia residential construction fell -3.8% for the remaining provinces and territories in May
Residential construction permits rose by 22,700 dwelling units, contribute to the 12 month cumulative sum of 267,600 units since last June
Nonresidential -5.0% to $4.6 billion in May. Declines in institutional of -18% and commercial -7.4% more than offset the growth in the industrial component of 20.6%.
Total value of building permits on a constant dollar basis fell 12.5% in May following a 23% gain in April
British Columbia led the national decline with a significant drop of -50.7 after experience a record high in April. Excluding British Columbia the total value of building permits for the remaining provinces fell -0.7% in May.
Sharp gains from last month were reversed this month.
This article was written by Greg Michalowski at www.forexlive.com.
