Building permits down in November

REUTERS

, Last Updated: 9:20 AM ET

The value of Canadian building permits declined by 3.6% in November, largely as expected, after an 11.6% rise in October, Statistics Canada said Monday.

The decline was the result of a partial reversal of the 31.9% October spike in the non-residential sector, which fell by 17.6% in November. The trend for the sector over 2011 was still upward.

Permits for commercial buildings fell by 5.1% and industrial permits were off by 12.3%.

The residential sector saw a 6.9% rise after three consecutive declines. Single-family dwellings were up 8.2% and multi-family units by 5%.

The median forecast in a Reuters survey of analysts was for a 3% overall decline in November.

The biggest factor in October’s decline was a 34.1% slide in the institutional component after a 178.8% leap in October, largely in medical facilities and government buildings.

(Reporting by Randall Palmer; editing by Jeffrey Benkoe)

 


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