Canadian building permits rebound in May

The value of building permits issued in Canada rebounded upwards 20.9 percent on a monthly basis in May to $6.4 billion, Statistics Canada said Wednesday. The gain was a boon to the construction industry, which saw a 21.5 percent decline in April. "Higher construction intentions, particularly for commercial buildings in Quebec and Alberta and multi-family dwellings in Ontario, were behind the advance," StatsCan said. "The total value of building permits increased in every province except Nova Scotia." Nationally, the value of commercial building permits rose to the highest level since May 2008, up 81 percent to $1.9 billion, the report said. A whopping 61.9 percent decline in April in the value of institutional building permits such as educational buildings was reversed in May, with a 3 percent gain to $506 million, StatsCan said.