Canadian building intentions tank in Sept.

Nov. 5, 2012 at 11:18 AM
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OTTAWA, Nov. 5 (UPI) -- The value of Canadian building permits for non-residential projects plunged 30.8 percent in September after a surge in August, Statistics Canada reported.

The value of permits for non-residential construction fell to $2.2 billion after a 27.7 percent increase in August.

Of the three components of the non-residential sector, the value of permits in the institutional component fell 44.5 percent to $586 million, industrial building permits dropped 52.1 percent to $320 million and the value of commercial permits was down 11.8 percent from a month earlier to $1.3 billion, the report said.

"In the residential sector, the value of permits edged up 0.4 percent to $4.2 billion, following two consecutive monthly decreases," StatsCan said.

"Municipalities across Canada issued permits for the construction of 17,341 new dwellings in September, down 9.1 percent from the previous month," the report said.

The net value of all registered intentions combined was down 13.2 percent to $6.5 billion.

No indication was given as to why the non-residential permits posted the declines.

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