Canada: building permits increased 3.1% to $8.4 billion in March

"The value of building permits issued by Canadian municipalities increased 3.1% to $8.4 billion in March, following a 2.8% decline in February," Statistics Canada reported this Wednesday.

Key points:

   •  The rise was mainly the result of higher construction intentions for multi-family dwellings.
   •  The value of building permits for multi-family dwellings rose 12.2% to a record $3.0 billion in March.
   •  Conversely, single-family construction intentions fell 7.9% to $2.4 billion in March.
   •  The value of building permits for non-residential structures rose 4.5% to $3.0 billion in March, after a 6.4% decline in February. 
   •  Construction intentions for commercial structures rose 10.0% to $1.7 billion in March.
   •  The value of building permits issued for industrial structures rose 11.6% to $666.5 million in March.
   •  The institutional component fell 12.7% to $647.7 million in March.