Canada – Housing starts jumped more than 7% to
reach a consensus-topping 212K in November. The increase in starts was due largely to urban areas (+7.7%), although there were also small gains in rural areas (+1.4%). The jump in urban starts was entirely due to multis (+13.2%) which dwarfed the decline for single family homes (-3.6%). On a regional basis in urban areas, there were sharp gains in the Prairies (+32.6%), Ontario (+16.5%) and Atlantic Canada (+2.5%) which more than offset declines in Quebec (-8.3%) and BC (- 23.7%).
Building permits jumped 9.1% in dollar terms in October.
That was because of a 15.5% surge in the value of residential permits, which more than offset a 0.2% decrease for the nonresidential sector. In real terms, residential permits rose 17.1% due to a 25.4% surge for multis and a 0.7% increase for singles.
The capacity utilization rate rose to 82% in the third quarter of 2015 (from 81.4% in the prior quarter). Most sectors saw increases in utilization rates including the manufacturing sector ─ thanks to transportation equipment where utilization rates reached 93.4%, the highest since end-2014. The capacity utilization rate jumped to 83.6% in the construction industry, to 86.5% in the oil and gas sector and to 58% in mining.
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