• Prior +10.3% revised to +10.5%

In April, the total value of building permits issued in Canada decreased $1.0 billion (-7.6%) to $12.5 billion. Both the non-residential sector (-10.5%) and the residential sector (-5.5%) contributed to the decline in construction intentions.

On a constant dollar basis (2023=100), the total value of building permits issued in April declined 7.7% from the previous month and was up 2.7% on a year-over-year basis.

Residential construction intentions declined by $437.7 million to $7.5 billion in April. The multi-family component (-$429.7 million to $4.8 billion) accounted for most of the decline in the month, while the single-family component remained virtually unchanged, at $2.7 billion.

For background on the permits data, Statistics Canada’s building permits series is a key leading indicator of construction activity, capturing the value of permits issued for new buildings, renovations, and alterations across roughly 2,400 municipalities representing 95% of the national population. Because permits precede actual construction spending, the data offer an early read on investment trends in both the residential and non-residential sectors.

This article was written by Greg Michalowski at investinglive.com.