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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
CANADA DATA
- Investment in building construction saw further heavy declines in June, down -3.1% M/M in nominal terms or -3.4% M/M in real terms. This was driven by residential construction (-4.5% M/M nominal, -4.9% M/M real).
- Very strong price growth for both land and construction costs since the pandemic means that nominal residential construction investment is still almost 20% higher than pre-pandemic levels but in real terms it’s now more than 20% lower (and with nearly all of that decline over the past year).
- The data imply that despite the bounce in housing starts, residential investment is likely to have remained a significant drag on real GDP growth in Q2 having already dragged -1.5pps from Y/Y growth in Q1.
- The BoC remains heavily
focused on excess demand and notable upcoming inputs here include retail sales for
June on Wed (Aug 23) before Q2 GDP on Sep 1 ahead of the Sep 6 BoC decision.
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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