View the Archive..December 05, 2013BUILDING PERMITS OCTOBER 2013
In Nova Scotia, the value of building permits issued decreased 0.7 percent in October 2013 from September 2013. The total value of building permits in October 2013 was $90.9 million (seasonally adjusted), 43.5 percent lower than October of last year. The value of residential permits were down 2.3 percent compared to September 2013 and down 40.3 percent compared to October 2012. Non-residential permits were up 2.1 percent compared to September 2013 and down 48.2 percent compared to October 2012.
On average over the ten months of 2013 compared to the first ten months of last year, total value of building permits are down 22.3 percent (-$303.1 million). Year-to-date, residential permits fell 16.9 percent (-$143.2 million) and non-residential permits are down 31.0 percent (-$160.0 million). On a year-to-date basis, permit values are down for single (-24.7%) and apartments (-31.9%). On a year-to-date basis, the value of building permits for all three non-residential components are down: Industrial (-28.6%), Commercial (-27.7%), and Institutional and governmental (-40.3%).
In Canada, building permits increased 7.4 percent in October over September to $7.2 billion (seasonally adjusted); 6.2 percent lower than October 2012. In October 2013, residential permits were up 6.4 percent from the previous month and 9.2 percent higher than the previous year. Non-residential permits were up 9.0 percent compared to September 2013 but 23.3 percent lower than October 2012.
In Canada, over the first ten months of 2013 compared to the first ten months of last year, the total value of building permits are down 1.7 percent (-$1.2 billion) with a decline in residential permits of 2.1 percent (-$886 million) and a decrease in non-residential permits of 1.1 percent (+$302.6 million).
Sources: Residential Permits, CANSIM 026-0006
; Non-residential Permits, CANSIM 026-0005
Statistics Canada Cat. No. 64-001-X
December 05, 2013US GDP Q3 2013 (SECOND ESTIMATE)
US GDP growth in the third quarter was revised up, with more complete data, to 3.6 percent (seasonally adjusted annual rate) from the advanced estimate of 2.8 percent. The upward revision reflected greater private inventory investment and nonresidential fixed investment.
The increase in GDP in the third quarter came from primarily from increases in inventory, which was responsible for 1.68 of the 3.6 percent growth in the quarter. Personal consumption expenditures contributed 0.96 percentage points to growth with increases in both durable and non-durable goods expenditures and little change in services. Fixed investment added 0.81 percentage points to the growth in the quarter on higher nonresidential structures and the continued rebound in residential structures. An increases in exports was offset by increasing imports. State and local spending and investment increased in the quarter but was offset by the continued decline in federal expenditures.
December 05, 2013US CORPORATE PROFITS Q3 2013 (PRELIMINARY ESTIMATE)
US profits from current production (including inventory valuation and capital consumption adjustments) increased $38.3 billion in the 3rd quarter 2013 following an increase of $66.8 billion in the second quarter 2013. Third quarter profits increased in the financial industry (accounting for approximately 25% of domestic industry profits) by $8.6 billion, non-financial industries by $13 billion, and from the rest of the world increased $16.7 billion.
December 05, 2013MONETARY POLICY: EUROPE, ENGLAND
The Bank of England and the European Central Bank each maintained their key interest rates, asset purchases and forward guidance at a position of aggressive accommodation. However, economic prospects for the UK and the Euro Area appear to be following different paths.
The UK economy has been showing signs of recovery based on strong domestic demand and greater certainty about economic prospects. In the Euro Area, inflation is low and the limited growth prospects appear to rely heavily on ongoing ECB policy. Indeed, in their recent outlook for inflation and the economy, the Bank of England cited ongoing risks to export growth caused by instability in the Euro Area as the greatest threat to the UK's emerging recovery.
December 04, 2013NOVA SCOTIA - INTERNATIONAL MERCHANDISE TRADE OCTOBER 2013
In October 2013, international merchandise trade domestic exports (province of origin) increased 1.8% from September 2013 to $336.9 million, and increased 3.4% over October 2012. Year-to-date (January-October) exports (province of origin) increased 9.8% over the same period last year to $3.4 billion.