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U.S. markets recover from steep losses
OTTAWA, July 7 (UPI) -- The value of Canadian building permits increased 1.1. percent to $6.6 billion in May, the second consecutive monthly increase, Statistics Canada said Monday.
The total was 6.7 percent more than the monthly average for 2007 despite a substantial decline in the residential sector, the report said.
The value of residential permits continued the downward trend that began in September and fell 6.6 percent to $3.7 billion in May, StatsCan said.
The value of building permits in the non-residential sector increased by 12.8 percent year-over-year in May with gains in industrial, institutional and commercial areas following a 27.8-percent increase in April.
New Brunswick reached an all-time high with permit values of $122 million, a 67.1-percent jump from May 2007, while British Columbia posted a 5.7-percent increase. The bulk of both province's gains were in non-residential permits, the report said.
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