Canadian building permits fall in February. | CountingPips Forex & Currency Trading Blog

April 7, 2008 - Forex Economic News

Canadian building permits fall in February.

Canadian building permits fell in February for the fourth month in a row according to a report by Statistics Canada released today. Building permits, used as a barometer of future construction, fell 1 percent in February after a revised decline of 3.5 percent in January. The building permit drop was unexpected as market forecasts had expected an increase of 1.3 percent in building permits for February. The amount of permits issued by municipalities in February fell to C$5.76 billion from C$5.815 in January and falling further away from the record $C7.0 billion in June of 2007. A large contribution to the decline took place in Ontario where non-residential building permits plummeted by 45 percent. Excluding the Ontario province, Canada's building permits increased by 9.8 percent for the month. Residential permits rose nationally in February by 18.2 percent to C$3.9 billion while non-residential permits dropped by 25.6 percent to C$1.9 billion. The Canadian dollar has fallen against the U.S. dollar today in currency trading. The U.S. dollar has climbed from an early low of 1.0039 Canadian dollars to trading at 1.0114 Canadian dollars in the U.S. trading session.

Tags: canada building permits, construction, currency trading, usd, cad

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