By Paul Vieira
OTTAWA--Canadian building permits climbed in October, on the strength of intentions to build hospitals, renovate office space and expand airport facilities.
The total value of building permits in October climbed 1.3% on a month-over-month basis to a seasonally adjusted 10.29 billion Canadian dollars, or the equivalent of $8.05 billion, Statistics Canada said Wednesday. Market expectations weren't immediately available.
In the previous month, permits issued increased by a slightly revised 4.1%, versus an earlier estimate of a 4.3% rise.
On a year-over-year basis, the overall value of permits issued in October advanced by 17.9%.
Building permits provide an early indication of construction activity in Canada and are based on a survey of 2,400 municipalities, representing 95% of the country's population. The issuance of a permit doesn't guarantee that construction is imminent.
Residential permits edged downward 0.1% in October due to a drop in intentions to build multifamily units, like condominiums. Nonresidential permits advanced 4.2%.
Write to Paul Vieira at paul.vieira@wsj.com
(END) Dow Jones Newswires
12-01-21 0859ET
