Canadian Building Permits Plunge In July Amid Toronto Strike

Sponsored Links

A strike by Toronto civic workers contributed to a significant drop in Canadian building permits in July, according to data released Tuesday by Statistics Canada.

Contractors took out just over $4.6 billion worth of building permits in July, an 11.4% decrease from June. The Toronto strike shut down municipal offices for most of the month, Stats Canada noted.

Economists were looking for building permits to rise 0.5%. In June, building permits rose a revised 1.2% from the previous month.

Municipalities issued about $2.6 billion in residential permits in July, down 4.1%, and just over $2.0 billion in non-residential permits, a 19.3% drop.

Excluding Toronto, the total value of building permits declined by 1.8%. The value of residential permits increased 7.4% instead of declining. Non-residential permits declined by 11.6%.

(Market News Provided by RTTNews)