By Kim Mackrael
OTTAWA--Canadian building permits rose in June following a sharp decline in the previous month, led by strength in construction plans in the residential sector.
The total value of building permits in June advanced 6.9% on a month-over-month basis to a seasonally adjusted 10.29 billion Canadian dollars, or the equivalent of $8.21 billion, Statistics Canada said Wednesday. Market expectations weren't immediately available.
The previous month's data were revised and now indicate permits issued declined 12.9% versus an earlier estimate of a 14.8% drop.
On a year-over-year basis, the overall value of permits issued in June advanced by 24.1%.
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.
Write to Kim Mackrael at kim.mackrael@wsj.com
(END) Dow Jones Newswires
08-04-21 0857ET
