Canada Building Permits: May 2012 Sees Construction Plans At Highest Level In 5 Years

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CANADA BUILDING PERMITS MAY 2012
Several high-rise condominium towers under construction, Richmond, B.C., Canada. Statistics Canada says municipalities issued $7 billion worth of building permits in May, up 7.4 per cent from April and the highest level since May 2007. (The Canadian Press Images/Bayne Stanley) | CP

OTTAWA - Statistics Canada says municipalities issued $7 billion worth of building permits in May, up 7.4 per cent from April and the highest level since May 2007.

The jump followed a 4.4 per cent decline in April.

The agency says the increase was largely due to higher construction intentions for institutional buildings in Alberta, British Columbia and Saskatchewan and for multi-family dwellings in British Columbia.

The value of residential building permits increased 8.5 per cent to $4.1 billion, following four consecutive monthly declines.

Non-residential construction intentions rose six per cent to $2.9 billion after a seven per cent decline the previous month.

The value of building permits increased in seven provinces in May, led by British Columbia, Saskatchewan and Alberta.

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