Statistics Canada reported on Friday that the value of building permits issued by the Canadian municipalities rose 2.1 percent m-o-m in March, following a revised 5.1 percent m-o-m drop in February (originally a 5.7 percent m-o-m decrease).

Economists had forecast a 2.8 percent advance in March from the previous month.

According to the report, non-residential building permits surged by 7.9 percent m-o-m in March, due to higher construction intentions for both institutional (25.6 percent m-o-m) and commercial (+9.8 percent m-o-m) buildings. Meanwhile, the value of industrial permits (-15.6 percent m-o-m) declined.

At the same time, the value of residential permits fell by 1.5 percent m-o-m as single-family permits dropped by 5.0 percent m-o-m while permits multi-family dwellings increased by 1.3 percent m-o-m,

In y-o-y terms, building permits declined 2.4 percent in March.