By Paul Vieira
OTTAWA--Canadian building permits rose in May on increased demand to construct commercial space and single-detached homes.
The total value of building permits in May climbed 2.3% on a month-over-month basis to a seasonally adjusted 12.06 billion Canadian dollars, or the equivalent of $9.38 billion, Statistics Canada said Tuesday. Market expectations weren't immediately available.
On a year-over-year basis, the overall value of permits issued in May jumped 21%.
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.
Construction intentions in the residential sector edged downward 0.1% from the previous month to C$7.77 billion, as a robust gain in single-detached homes, up 7%, partly offset a decline in multifamily-unit dwellings like condominiums. Permits issued for nonresidential buildings increased 7% to C$4.29 billion, on a 15.6% increase in the commercial component.
Write to Paul Vieira at paul.vieira@wsj.com
(END) Dow Jones Newswires
07-05-22 0901ET
