Ekonomické zprávy

Canada’s building permits drop 4.0 percent in January

Statistics Canada reported on Friday that the value of building permits issued by the Canadian municipalities declined 4.0 percent m-o-m in January 2023, following a downwardly revised 7.7 percent m-o-m tumble (from -7.3 percent m-o-m) in December 2022. 

Economists had predicted a 1.5 percent jump in January from the previous month.

According to the report, the value of residential building permits plunged 6.6 percent m-o-m in January, reflecting an 8.3 percent m-o-m tumble in permits for multi-family dwellings and a 4.4 percent m-o-m fall in single-family permits. Meanwhile, the value of non-residential permits increased 0.7 percent m-o-m in January, as a 5.4 percent m-o-m surge in commercial permits more than offset a 5.9 percent m-o-m slump in institutional permits and a 3.9 percent m-o-m decrease in industrial permits.

In y-o-y terms, building permits declined 5.0 percent in January.

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