BUSINESS

Canada Building Permits: April 2012 Sees Larger-Than-Expected Decline

06/05/2012 08:49 EDT | Updated 08/05/2012 05:12 EDT
CP
OTTAWA - Statistics Canada says the value of building permits issued last month slipped 5.2 per cent to $6.5 billion, mostly because of lower construction intentions for institutional buildings and multi-family dwellings in Ontario.

After two consecutive monthly advances, the value of permits in the non-residential sector fell 8.4 per cent to $2.7 billion..

In the residential sector, the value of permits fell 2.8 per cent to $3.8 billion in April, a fourth consecutive monthly decrease.

In the institutional component, the value of permits dropped 43 per cent to $556 million after two months of gains.

The commercial sector held up, however, recording a third consecutive monthly increase with the value of permits rising 1.9 per cent to $1.6 billion.

Industrial construction bounced back, with the value of permits rising 34.7 per cent to $554 million, following a 42.4 per cent decline in March.

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