BUSINESS

Value of building permits rose 7.9 per cent in August: StatsCan

10/05/2012 08:52 EDT | Updated 12/05/2012 05:12 EST
OTTAWA - Statistics Canada says the value of building permits issued in August rose 7.9 per cent to $7.3 billion after a 2.8 per cent drop in July.

The agency says the August increase was due to a 25.2 per cent rise in permits in the non-residential sector with a value of $3.2 billion, the highest level in almost four years.

This offset a 2.3 per cent drop in residential permits, to $4.2 billion.

The value of permits in the institutional component more than doubled in August to $1.1 billion, the highest level since March 2011.

In the industrial component, the value of permits increased for a third consecutive month, rising 26.2 per cent to $638 million

The value of building permits issued rose in six provinces in August, with Ontario and Alberta posting the largest gains.