(Source: Financial Post)

Canadian building permits jumped by 23.5% to $4.5-billion in March compared with the previous month, putting an end to five months of declining building intentions, Statistics Canada figures showed Wednesday. 

“On balance, these data are certainly impressive when looked at in isolation. However, give the recent downward trend in overall building activity and the fact that levels of activity are still soft overall, one cannot hang too much optimism on these numbers,” said Charmaine Buskas, a senior economics strategist at TD Securities.

Nevertheless, the improvement in the volatile indicator is a welcome sign for the economy and the country’s construction sector, which continues to suffer with new building approvals still below the level posted at the end of last year.

Read Alia McMullen’s full article “Canadian building permits jump” in the Financial Post (May 6, 2009).

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