Canada’s building permits surged by 14.9% in the latest report, a significant increase from the previous month’s 5.9% rise. This marks an absolute increase of 9 percentage points, indicating a robust expansion in construction activity.
Claim 50% Off TipRanks Premium and Invest with Confidence
- Unlock hedge-fund level data and powerful investing tools designed to help you make smarter, sharper decisions
- Stay ahead of the market with the latest news and analysis so your portfolio is always positioned for maximum potential
The actual figure of 14.9% far exceeded the analyst estimate of a 1.4% decline, suggesting a stronger-than-expected construction sector. This unexpected growth is likely to boost sentiment in construction and real estate stocks, as the sector benefits directly from increased building activity. The impact on the stock market is likely to be short-term, driven by positive sentiment around the construction industry’s performance.