ISTANBUL

Building permits in Canada rose 2.3% in October to reach $11.2 billion, rebounding from the previous month's massive decline, according to the country's statistical authority.

The figure showed a strong recovery from a decline of 8.1% in September. Building permits had plummeted 18.8% in April to their lowest since December 2020.

Despite the increase, however, the October figure came in lower than market estimates of a 2.9% increase.

"The total value of non-residential sector permits increased 5.3% to $4.1 billion in October, with gains being concentrated in Ontario," Statistics Canada said Thursday in a statement. "This was attributable to a significant increase in construction intentions in the institutional component."

Although construction intentions in the industrial component saw a gain of 11.9% to reach $973.8 million in October, the commercial component decreased 10.5% to $1.8 billion, recording its second consecutive monthly decline, according to the agency.