• Prior month -6.6% revised to -6.8%
• Building permits for May +12.0% versus -0.8% expected

• Non-residential building permits rose sharply by $1.2 billion to $5.6 billion in May.

• Growth was driven primarily by Ontario’s institutional component, which jumped $1.3 billion.

• A new hospital permit in the Niagara CMA led the surge, valued at nearly 7× the average major institutional permit.

• The hospital project pushed the national institutional component to a record $2.5 billion.

• In constant dollar terms, the institutional component also hit a series high.

• Residential construction intentions increased by $169.8 million to $7.5 billion in May.

• The gain was primarily driven by British Columbia’s multi-family component.

• BC’s multi-family permits rose by $687.7 million to $1.5 billion.

Strong data but impacted by the new hospital permit

This article was written by Greg Michalowski at www.forexlive.com.