08:09 AM EST, 11/13/2024 (MT Newswires) -- Rosenberg Research said it got a rare positive data point out of Canada on Tuesday, where the value of construction permits rose by 11.5% month over month in September to C$13 billion, far outperforming the 3.2% rise expectation.

Both the residential -- particularly multi-family -- and non-residential, mainly Ontario public works projects, sectors contributed to the increase.

Permits are not starts, which remain at the low end of the post-COVID-19 range, pointed out Rosenberg Research. The proof will be in the pudding when it comes to the flow-through of higher permitting to economic activity.

Nonetheless, a glimmer of hope for future growth, and a first sign that the Bank of Canada's interest rate reductions and government initiatives to make construction easier might be bearing fruit, added Rosenberg.