Housing starts, employment, up sharply in May

housing-CMHC-manufacturing-industry-Statistics-Canada-construction-building-permit-economy-EDIWeekly

Housing starts in Canada in May reached their highest level since last July, Canada Mortgage and Housing Corporation (CMHC) reports, with a seasonally adjusted annual rate (SAAR) of 201,705. The greatest increase was in Ontario, where the SAAR was 81,535, an increase of 32 per cent over April’s number (61,666). More than half of these (58,351) were in the GTA, where housing starts rose by 50 per cent compared to April. Most of the new housing construction was on condominiums.

The housing construction surge in May, which may be a sign that the economy is in for a strengthening in the second quarter, followed a rise in building permits issued in April. Statistics Canada reports that $7.8 billion worth of permits were taken out in April, an increase of 11.6 per cent over March. More than half of the permits ($4.5 billion) were for residential construction. Ontario builders accounted for the largest gain in permits issued. The strength in the housing sector has been called “surprising” by TD Bank analyst Randall Bartlett, and is expected to boost GDP growth.

Employment up in manufacturing, health care

May also saw strong gains in employment, with 59,000 new jobs added to the economy. Despite the gains, the unemployment rate remained unchanged for the fourth consecutive month, at 6.8 per cent. In Ontario, however, the rate was down 0.3 percentage points, to 6.5 per cent, after employment rose by 44,000. These gains were strongest among men aged 25–54, Statistics Canada reports, with approximately 20,000 people in that demographic finding employment.

employment-housing-CMHC-manufacturing-industry-Statistics-Canada-construction-building-permit-economy-EDIWeekly
Source: Statistics Canada

 

Employment in manufacturing increased for the second consecutive month, up 22,000 in May. There were also more people working in health care and social assistance. in retail and wholesale trade, in business, building and other support services; as well as in finance, insurance, real estate and leasing. In contrast, there were fewer workers in public administration and agriculture.

Did you miss this?

Other Popular Stories

  • Thunder Bay wind farm gets government approval
  • Robots, 3D printing to revolutionize building industry unchanged for 5000 years
  • Handheld device detects bacteria on food in real time
  • Ottawa medical device company receives government support to expand production
  • World's biggest gold-copper mine wins government approval in BC
  • SNC-Lavalin-China agreement could expand market for CANDUs
  • Volvo will use DME to fuel heavy-duty trucks in North America
  • NASA Studies Climate Change in Canada’s Skies
  • Bombardier to test fly CS300; equity offering increased
  • Drone use by business set to explode, worth $127B by 2020: PwC
  • Aerospace in Ontario: More than 200 aerospace companies, 21,000 skilled employees and half of the top 25 global firms
  • Canadian Governement should do more to have U.S. tarriffs removed say ministers in both Ontario and Quebec
  • Canada's auto sales soar; Toyota passes 100K mark for hybrids
  • Wind more economical than nuclear: offshore wind turbines in U.K. significantly less expensive per megawatt than planned nuclear
  • Mixed results for Canada's auto parts industry: report
  • Strong manufacturing rebound in February led by energy sector
  • 3D printed hempcrete could revolutionize construction industry
  • Within 10 years, almost 50 percent of retail jobs may disappear to automation
  • Large Ontario wind power project gets go-ahead, now hiring
  • Subsidies part of the game in global aerospace industry
Scroll to Top