Building permits in Canada jump 8.6% to $10.7 billion in February

By Ovunc Kutlu

ISTANBUL (AA) - Building permits in Canada jumped 8.6% to $10.7 billion in February, the country's statistical authority said Tuesday.

While the figure was well above expectations of a 2% monthly increase, it is a strong recovery from the 3.7% decline in January.

Seven provinces reported monthly increases, as notable gains were recorded in Ontario and Alberta with 10.7% and 25.6% gains, respectively, Statistics Canada said in a statement.

Residential permits gained 7.9% to $6.6 billion in February, while permits were issued for 22,900 new units -- 3,600 more than reported in January.