Canadian construction intentions surge

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OTTAWA, July 6 (UPI) -- Canadian construction intentions and permit values shot up 7.4 percent in May to $7 billion after sluggish activity in April, Statistics Canada said Friday.

The rebound followed a 4.4 percent decline a month earlier and was led by the three western provinces of Alberta, British Columbia and Saskatchewan, the agency said.

"The value of residential building permits increased 8.5 percent to $4.1 billion, following four consecutive monthly declines," StatsCan said. "Nationwide, municipalities authorized the construction of 18,682 new dwellings in May, a 13.2 percent increase from April."

In the institutional component, there was a whopping 69.4 percent increase to $945 million in permits after a bruising 42.7 percent plunge in April, the report said.

Despite the gains, the value of permits in the commercial component fell 12.4 percent to $1.4 billion in May, following three consecutive monthly advances, the report said.