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Canadian building permits rise 1.1% in April

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Investing.com -

Investing.com - The number of new building permits issued in Canada rose less than expected in April, fuelling concerns over the health of the country's economy, official data showed on Thursday.

In a report, Statistic Canada said the number of new building permits issued increased by a seasonally adjusted 1.1% in April, below expectations for a gain of 1.4%.

March's figure was revised to a drop of 3.2% from a previously reported decline of 3.0%.

Following two consecutive monthly declines, the total value of building permits issued by Canadian municipalities rose 1.1% to $6.0 billion in April.

This increase resulted from higher construction intentions in the residential sector, which more than offset the decline in the non-residential sector.

Following the release of the data, the Canadian dollar turned higher against its U.S. counterpart, with USD/CAD shedding 0.06% to trade at 1.0933, compared to 1.0944 ahead of the report.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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